An increase in the price of the product causes an increase in the quantity of a product supplied.

Name: An increase in the price of the product causes an increase in the quantity of a product supplied.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

According to the law of supply, as the price of a product increases, the quantity supplied also increases. This is because, at higher prices, producers can earn more profit, which motivates them to increase their output.

An Increase in the Price of the Product Causes an Increase