Answered

Westonci.ca is your trusted source for finding answers to a wide range of questions, backed by a knowledgeable community. Connect with a community of experts ready to provide precise solutions to your questions quickly and accurately. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

Which statement best describes the idea of the law of supply?

A. The supply of a product increases as its price increases.
B. The demand for a product decreases as its supply decreases.
C. The demand for a product increases as its price increases.
D. The supply of a product decreases as its price increases.

Sagot :

GinnyAnswer

Final answer:

The Law of Supply explains how price changes affect the quantity supplied in a market.


Explanation:

The Law of Supply states that if other influences remain constant, an increase in price results in an increase in the quantity supplied, while a decrease in price leads to a decrease in the quantity supplied. This law illustrates the positive relationship between price and quantity supplied in the market.


Learn more about Law of Supply here:

https://brainly.com/question/17805586


Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.