Determine if the following statement has to do with quanity supplied, supply curve, supply schedule, law of supply
the claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises
1 Answer | Add Yours
The statement that you have given here is the law of supply.
The law of supply has to do with how much of a given good or service producers will be able and willing to produce and sell at a given price. (This price is the price they can sell it for, not the price of producing it.) Not surprisingly, the law holds that producers will supply more of a good or service (all other things being equal) when they can sell that good for a higher price. This is the law of supply.
We’ve answered 317,423 questions. We can answer yours, too.Ask a question