ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The law of supply means that:
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the supply curve is downsloping
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producers will offer more of a product at high prices than they will at low prices.
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consumers will purchase less of a good at high prices than they will at low prices
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None of the above
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Explanation:
Detailed explanation-1: -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.
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