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Other things equal, when the price of a good rises, the quantity supplied of the good also rises, and when the price falls, the quantity supplied falls as well
Other things equal, when the price of a good rises, the quantity supplied of the good also rises, and when the price falls, the quantity supplied falls as well.? This relationship between price and quantity supplied:
A. Is represented by a downward-sloping supply curve.
B Is referred to as the law of supply.
C. Applies only to a few goods in the economy.
D. All of the above are correct
Expert Solution
Other things equal, when the price of a good rise, the quantity supplied of the good also rises, and when the price falls, the quantity supplied falls as well.? This relationship between price and quantity supplied:
B Is referred to as the law of supply.
This direct relationship between price and quantity supply, when other things remain constant referred to the law of supply.
It can be stated below
| Price | Quantity supply |
|---|---|
| 5 | 8 |
| 6 | 10 |
| 7 | 12 |
| 8 | 14 |
So we can see when the price increase, the quantity supply will also increase. Thereby, this direct relationship gives an upward sloping supply curve.
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