Question

What is the law of supply and how do we illustrate​ it? The law of supply states that other things remaining the​ same, the​ _______ the price of a​ good, the​ _______. A. ​higher; smaller is the quantity supplied B. ​higher; greater is the quantity supplied C. ​lower; greater is the quantity supplied D. ​higher; greater is the supply of the good A supply curve that illustrates the law of supply​ _______. A. shows that the quantity supplied decreases as the price falls B. slopes upward to a maximum and then slopes downward C. has a negative slope D. is vertical

Answer 1

Answer:

B. ​higher; greater is the quantity supplied

A. shows that the quantity supplied decreases as the price falls

Explanation:

Economic law that determines that the quantity offered of a good increases as its price increases, keeping the remaining variables constant. The Law of supply is the economic Law that determines the quantity offered by the producers of a good depending on its price and other influential factors.