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Baqar Zaidi
on Dec 11, 2024

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According to the law of supply,

A) producers are willing to supply larger amounts of a good as its price increases.
B) a direct relationship exists between the price of a good and the amount buyers choose to buy.
C) an inverse relationship exists between the price of a good and the amount buyers wish to buy.
D) an inverse relationship exists between the price of a good and the amount producers supply.

Law Of Supply

A principle that states there is a direct relationship between the price of a good and the quantity of it producers are willing to supply. As the price of a good increases, producers will wish to supply more of it. As the price decreases, producers will wish to supply less.

Producers

Individuals or businesses that create goods or provide services.

Supply

The total amount of a good or service available for purchase at any given price level in a market.

  • Understand the law of supply and its implications for market behavior.
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Dillon WeinbergDec 15, 2024
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