How does the market supply reflect the law of supply?

Question

Quizplus · Accepted Answer

The law of supply states that as the price of a good or service increases, the quantity supplied by producers will also increase, ceteris paribus. This is reflected in the market supply curve, as when the price of a product increases, each seller in the market is incentivized to produce and sell more of the product to make a profit. As a result, the market supply curve slopes upward from left to right, showing that as the price of a good or service increases, the quantity supplied by the market as a whole also increases. Therefore, option A is the correct choice.

How Does the Market Supply Reflect the Law of Supply