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Questions and Answers
How does an increase in price affect the quantity supplied according to the law of supply?
How does an increase in price affect the quantity supplied according to the law of supply?
What does the law of supply describe?
What does the law of supply describe?
What factor influences the quantity supplied according to the law of supply?
What factor influences the quantity supplied according to the law of supply?
Study Notes
Law of Supply
- An increase in price leads to an increase in the quantity supplied, according to the law of supply.
- The law of supply describes the direct relationship between the price of a good and the quantity supplied.
- A change in price is the factor that influences the quantity supplied, according to the law of supply.
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Description
Test your understanding of the law of supply with this quiz. Explore how the law describes the relationship between price and quantity supplied, and identify the factor that influences the quantity supplied according to this economic principle.
