Asked by
changle jiang
on Dec 11, 2024Verified
According to the law of supply, as the price of a good increases,
A) buyers will buy more of the good.
B) buyers will buy less of the good.
C) sellers will produce more of the good.
D) sellers will produce less of the good.
Law Of Supply
The principle that, all else equal, an increase in the price of goods will lead to an increase in the quantity supplied.
Good
An item or service that satisfies human wants and provides utility, which can be transferred or sold.
Sellers
Individuals or entities that offer goods or services in exchange for monetary or other forms of compensation.
- Comprehend the principles of the law of supply and its impact on how markets function.
Verified Answer
PK
Learning Objectives
- Comprehend the principles of the law of supply and its impact on how markets function.