What is the law of supply?

Select one:

A. Quantity supplied is greater than the quantity demanded.

B. There is a direct relationship between price and quantity supplied.

C. There is an inverse relationship between price and quantity demanded.

D. Quantity supplied is less than the quantity produced.

Question

26-07-2024
Business

Answered

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What is the law of supply?

Select one:

A. Quantity supplied is greater than the quantity demanded.

B. There is a direct relationship between price and quantity supplied.

C. There is an inverse relationship between price and quantity demanded.

D. Quantity supplied is less than the quantity produced.

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-07-26T01:05:33-04:00

Final answer:

The law of supply explains the relationship between price and quantity supplied by producers in the market.

Explanation:

The law of supply states that there is a positive relationship between the quantity that suppliers are willing to sell and the price level. This means that as the price of a good or service increases, the quantity supplied by producers also increases.

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