The law of supply states that if prices fall, producers will offer fewer products to the market.

Name: The law of supply states that if prices fall, producers will offer fewer products to the market.
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Question

Quizplus · Accepted Answer

The law of supply states that there is a positive relationship between price and quantity supplied. In other words, as prices increase, producers are willing to supply more products to the market; and as prices decrease, they will offer fewer products. Therefore, the statement is true.

The Law of Supply States That If Prices Fall, Producers