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Question
Macroeconomics
Posted 6 months ago
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.
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Answer from Sia
Posted 6 months ago
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.

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