The law of supply indicates that an increase in price will cause an increase in supply which is reflected graphically as a rightward shift of the supply curve.

Question

​ The law of supply indicates that an increase in price will cause an increase in supply which is reflected graphically as a rightward shift of the supply curve.

Quizplus · Accepted Answer

The law of supply states that an increase in price will cause an increase in the quantity supplied, not a shift of the supply curve. A rightward shift of the supply curve indicates an increase in supply due to factors other than price.

​ the Law of Supply Indicates That an Increase in Price

the Law of Supply Indicates That an Increase in Price