Which of the following best describes the law of supply?
Choose 1 answer:

A Sellers set the price that demanders pay.
(B) Producers sell the same amount of a good no matter its price.
(C) As price increases, quantity supplied increases.
(D) Legal authorities regulate markets.
(E) Supply is infinite.

Question

Which of the following best describes the law of supply?
Choose 1 answer:

A Sellers set the price that demanders pay.
(B) Producers sell the same amount of a good no matter its price.
(C) As price increases, quantity supplied increases.
(D) Legal authorities regulate markets.
(E) Supply is infinite.

Accepted Answer

***C*** ∻Key Concept∻ ⚹Law of Supply⚹ ∻Explanation∻ ⚹The law of supply states that, ceteris paribus, an increase in the price of a good or service will lead to an increase in the quantity supplied.⚹◊What is the formula for calculating the price elasticity of supply in macroeconomics?⍭ Generate me a similar question◊

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