In a supply-demand diagram,the law of supply is illustrated by

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. This is illustrated in a supply-demand diagram by drawing the supply curve so that it slopes upward from left to right. As the price increases, producers are willing and able to supply more of the good or service, resulting in an increase in quantity supplied. Conversely, as the price decreases, producers are willing and able to supply less of the good or service, resulting in a decrease in quantity supplied. The other answer choices (A, C, and D) are either incorrect or incomplete in their depiction of the law of supply.

In a Supply-Demand Diagram,the Law of Supply Is Illustrated by