ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supply will increase (supply curve will shift to the right)
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The demand curve will shift to the left
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Quantity supplied will expand
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Quantity demanded will rise
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Detailed explanation-1: -The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied.
Detailed explanation-2: -The law of supply states that there is a direct relationship between price and quantity supplied. In other words, when the price increases the quantity supplied also increases. This is represented by an upward sloping line from left to right.
Detailed explanation-3: -The law of supply says that a higher price will induce producers to supply a higher quantity to the market. Because businesses seek to increase revenue, when they expect to receive a higher price for something, they will produce more of it.
Detailed explanation-4: -law of supply all other factors being equal, there is a direct relationship between a good’s price and the quantity supplied; as the price of a good increases, the quantity supplied increases; similarly, as price decreases, the quantity supplied decreases, leading to a supply curve that is always upward sloping.