According to the law of supply, what happens when the price of a good increases?

Choose 1 answer:
(A) The supply curve shifts to the left.
(B) The supply curve flattens out.
(C) The quantity supplied increases.
(D) The supply curve shifts to the right.
(E) People are willing to buy what is supplied.

Question

According to the law of supply, what happens when the price of a good increases?

Choose 1 answer:
(A) The supply curve shifts to the left.
(B) The supply curve flattens out.
(C) The quantity supplied increases.
(D) The supply curve shifts to the right.
(E) People are willing to buy what is supplied.

Accepted Answer

***C*** ∻Key Concept∻ ⚹Law of Supply⚹ ∻Explanation∻ ⚹According to the law of supply, when the price of a good increases, the quantity supplied of that good also increases, ceteris paribus. This is represented by a movement along the supply curve, not a shift of the supply curve itself.⚹◊What factors can cause a shift in the supply curve for a particular good or service according to the law of supply in macroeconomics?⍭ Generate me a similar question◊

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