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

Question

Accepted Answer

∻Solution by Steps∻ ‖ step 1 ⋮ To answer the question about the law of supply, we need to understand the basic economic principle that describes the relationship between the price of a good and the quantity of the good that producers are willing to supply. ‖ ‖ step 2 ⋮ Review the given answer choices and compare them with the economic principle of the law of supply. ‖ ‖ step 3 ⋮ Identify the choice that correctly states that as the price of a good increases, producers are willing to supply more of it, which is a fundamental aspect of the law of supply. ‖ ∻Answer∻ ***D*** ∻Key Concept∻ ⚹Law of Supply⚹ ∻Explanation∻ ⚹The law of supply states that there is a direct relationship between the price of a good and the quantity of it that producers are willing to supply. As the price increases, the quantity supplied also increases, ceteris paribus.◊What is the probability that a student randomly picks the correct answer to the question about the law of supply with five answer choices?⍭ Generate me a similar question◊⚹

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