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