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In Each of the Following Three Statements, Find and Explain

Question 102

Essay

In each of the following three statements, find and explain the error in reasoning.
(i) If the price of video games rises, then the supply of video games will rise.
(ii) If two goods are complements-in-production, then when the price of one of the goods rises, the seller will reduce the supply of the second good.
(iii) The law of supply refers to the positive relationship between the price of a product and supply of that product.

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