ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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According to the Law of Supply, as price increases, quantity supplied ____ ?
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Increases
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Decreases
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No change
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None of the above
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Explanation:
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. Supply curves and supply schedules are tools used to summarize the relationship between supply and price.
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