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

Accepted Answer

∻Solution∻ ‖ a ⋮ Law of Supply: The law of supply states that, all else being equal, an increase in the price of a good will result in an increase in the quantity supplied. ‖ ∻Answer∻ ⚹ (C) As price increases, quantity supplied increases. ⚹ ∻Key Concept∻ ⚹ Law of Supply ⚹ ∻Explanation∻ ⚹ The law of supply indicates that producers are willing to supply more of a good as its price rises, assuming other factors remain constant. This is because higher prices can lead to higher potential revenue and profit for producers. ⚹◊What is the formula for calculating price elasticity of supply in Microeconomics⍭ Generate me a similar question◊

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