ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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According to the law of supply, when prices decrease
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quantity supplied decreases
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quantity supplied increases
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supply decreases
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supply increases
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Explanation:
Detailed explanation-1: -Lower prices mean reduced supply, all else held equal. Higher prices give suppliers an incentive to supply more of the product or commodity, assuming their costs aren’t increasing as much. Lower prices result in a cost squeeze that curbs supply.
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