"Producers will offer more of a product for sale as its price rises and less as its price drops." The situation being described refers to ________.

Question

Quizplus · Accepted Answer

The situation describes the law of supply, which states that as the price of a product increases, the quantity supplied by producers also increases, and as the price of a product decreases, the quantity supplied decreases.

"Producers Will Offer More of a Product for Sale as Its