An increase in price will lead to an increase in quantity supplied. This statement is
A) the law of supply.
B) the law of demand.
C) untrue always.
D) a normative statement.

Question

Quizplus · Accepted Answer

The statement describes the law of supply, which states that there is a positive relationship between the price of a good and the quantity of the good that suppliers are willing and able to produce and sell.

An Increase in Price Will Lead to an Increase in Quantity