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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?
- It leads to an increase in the quantity supplied (correct)
- It causes a shift in the supply curve
- It leads to a decrease in the quantity supplied
- It has no effect on the quantity supplied
What does the law of supply describe?
What does the law of supply describe?
- The direct relationship between price and quantity supplied (correct)
- The impact of government regulations on quantity supplied
- The inverse relationship between price and quantity supplied
- The impact of consumer preferences on quantity supplied
What factor influences the quantity supplied according to the law of supply?
What factor influences the quantity supplied according to the law of supply?
- Market demand
- Government subsidies
- Production costs (correct)
- Consumer income
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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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