Which of the following represents the law of supply?

Question

Quizplus · Accepted Answer

The law of supply states that an increase in the price of a good causes an increase in the quantity supplied of that good. This means that as the price of a good increases, producers are motivated to supply more of that good to the market in order to earn higher profits. However, the supply curve itself does not shift, as the law of supply only pertains to movements along the supply curve in response to changes in price. Therefore, options A and B are incorrect. Option D is also incorrect, as it includes options A and B which are both incorrect.

Which of the Following Represents the Law of Supply