Answered

Which statement best describes the idea of the law of supply?

A. The supply of a product increases as its price increases.
B. The demand for a product decreases as its supply decreases.
C. The demand for a product increases as its price increases.
D. The supply of a product decreases as its price increases.



Answer :

GinnyAnswer

Final answer:

The Law of Supply explains how price changes affect the quantity supplied in a market.


Explanation:

The Law of Supply states that if other influences remain constant, an increase in price results in an increase in the quantity supplied, while a decrease in price leads to a decrease in the quantity supplied. This law illustrates the positive relationship between price and quantity supplied in the market.


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