Explanation of correct and incorrect statements regarding the law of supply and demand for different types of goods.
An upward-sloping supply curve graphically represents the law of supply. As the price of a good or service increases, suppliers are willing to produce more, resulting in a movement along the supply curve to a higher price and quantity combination.
If income rises and good X is a normal good, then the demand for good X will rise. This is in line with the law of demand for normal goods, where an increase in income leads to an increase in the quantity demanded.
A vertical supply curve does not graphically represent the law of supply. The law of supply indicates an upward-sloping curve, where price and quantity supplied move together.
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