Answered

According to the law of supply, what would happen if the price of a good increased from [tex]$1 to $[/tex]2?

A. Producers will offer more of the product.
B. Producers will offer less of the product.
C. Consumers will purchase less of the good at the higher price.
D. The product supply will shift to the right.



Answer :

GinnyAnswer

Final answer:

The law of supply predicts that producers will offer more of a product when its price increases.


Explanation:

The law of supply states that when the price of a good increases, producers will offer more of the product. This is because at a higher price, producers have a greater incentive to sell more units in order to maximize their profits. In this scenario, as the price increases from [tex]$1 to $[/tex]2, producers would be willing to supply a larger quantity of the good.


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