A fall in the price of a good causes producers to reduce the quantity of the good they are willing to produce. This fact illustrates

Name: A fall in the price of a good causes producers to reduce the quantity of the good they are willing to produce. This fact illustrates
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The law of supply states that, all else being equal, an increase in the price of a good will result in an increase in the quantity supplied, and conversely, a decrease in price will result in a decrease in the quantity supplied.

A Fall in the Price of a Good Causes Producers