The ʺlaw of supplyʺ states that, other things remaining the same, firms produce
A) less of a good as the required resources become scarcer.
B) more of a good the less it costs to produce it.
C) less of a good the more it costs to produce it.
D) more of a good the higher its price.
Correct Answer:
Verified
Q153: Q154: The ʺlaw of supplyʺ refers to the Q155: A recession occurs and peopleʹs incomes decrease. Q156: The quantity supplied of a good or Q157: A fall in the price of a Q159: The quantity supplied of a good is Q160: Which of the following is NOT held Q161: Each point on a supply curve represents Q162: Which of the following decreases the supply Q163: Good A and good B are substitutes
A)
A)
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