According to the law of supply, what would we predict will occur when the price of a good increases?
A) More will be produced.
B) Less will be consumed.
C) More will be consumed.
D) Less will be produced.

Question

Quizplus · Accepted Answer

According to the law of supply, when the price of a good increases, producers are willing to supply more of it to the market, leading to an increase in production.

According to the Law of Supply, What Would We Predict