Which of the following statements is false?

A. An upward-sloping supply curve graphically represents the law of supply.
B. If income falls and good Y is an inferior good, then the demand for good Y will rise.
C. A vertical supply curve graphically represents the law of supply.
D. If income rises and good X is a normal good, then the demand for good X will rise.

Question

16-06-2024
Business

Answered

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Which of the following statements is false?

A. An upward-sloping supply curve graphically represents the law of supply.
B. If income falls and good Y is an inferior good, then the demand for good Y will rise.
C. A vertical supply curve graphically represents the law of supply.
D. If income rises and good X is a normal good, then the demand for good X will rise.

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Final answer:

Explanation of correct and incorrect statements regarding the law of supply and demand for different types of goods.

Explanation:

An upward-sloping supply curve graphically represents the law of supply. As the price of a good or service increases, suppliers are willing to produce more, resulting in a movement along the supply curve to a higher price and quantity combination.

If income rises and good X is a normal good, then the demand for good X will rise. This is in line with the law of demand for normal goods, where an increase in income leads to an increase in the quantity demanded.

A vertical supply curve does not graphically represent the law of supply. The law of supply indicates an upward-sloping curve, where price and quantity supplied move together.

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Explanation:

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