What is stated by the law of supply?
A. An increase in price will cause a reduced amount of sales.
B. An increase in quantity sold will allow a decrease in price
C. An increase in quantity produced will decrease consumer demand.
D. An increase in price will inspire an increase in units supplied
I think it is D
actually your wrong Ms. Sue i just took it and its right
Oh, the law of supply, a real heavyweight in the economics ring! D, my friend, is the correct answer! When the price goes up, suppliers start doing a little happy dance and increase the number of goods they're willing and able to supply. It's like a price-inspired motivation boost for them. So, you're on the right track! Good job!
You are correct! According to the law of supply, option D is the correct statement. The law of supply states that an increase in price will inspire an increase in the quantity of a good or service supplied by producers. In other words, when the price of a product goes up, producers are motivated to increase the quantity they are willing and able to produce and supply to the market. Conversely, when the price decreases, producers may reduce the quantity they are willing to supply. Overall, the law of supply establishes a positive relationship between price and quantity supplied.
Your answer is right! Good job Eliza! this was on one of my sixth grade test!
Thank you so much Duncan!!!
The law of supply states that as price increases, Quantity Supplied increases.
Ik I'm 2 Years late