Which of the following illustrates the law of supply?

A. An increase in the number of firms in an industry causes a shift of the supply curve.

B. An increase in price causes an increase in the quantity supplied, and a decrease in price causes a decrease in the quantity supplied.

C. A change in price causes a shift of the supply curve.

D. All of the above illustrate the law of supply.

Solutions

Expert Solution

B. An increase in prices causes increase in quantity supplied and decrease in prices causes decrease in quantity supplied.

Because, in the graph when price increase then also quantity produce is increas so that quantity supplied increase and when price decrease then also quantity supplied decrease.

Rahul Sunny answered 1 year ago

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