Which of the following satisfy the law of supply? Select the two correct answers.
(1 point)
• A increase in price is followed by a decrease in quantity supplied.
• A decrease in price is followed by a decrease in quantity supplied.
• A decrease in price is followed by a decrease in supply.
• An increase in price is followed by an increase in quantity supplied.
• An increase in price is followed by an increase in supply.
The two correct answers are:
- An increase in price is followed by an increase in quantity supplied.
- A decrease in price is followed by a decrease in quantity supplied.