An increase in the quantity of a product supplied is caused by an increase in the price of the product.

Name: An increase in the quantity of a product supplied is caused by an increase in the price of the product.
Brand: Quizplus
Rating: 5.0 (37 reviews)

Question

Quizplus · Accepted Answer

This statement represents the law of supply, which states that quantity supplied increases as price increases. This means that suppliers are willing to produce and sell more of a product at higher prices because they are able to earn more profit or revenue.

An Increase in the Quantity of a Product Supplied Is