​ the Law of Supply Indicates That an Increase in Price

question 98

True/False

​ The law of supply indicates that an increase in price will cause an increase in supply which is reflected graphically as a rightward shift of the supply curve.

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Definitions:

Unearned Revenue

An accounting term referring to money received for a product or service yet to be delivered or performed.

Customers Pay

This term refers to the action of clients or buyers giving money in exchange for goods or services.

Service

An intangible commodity that involves the provision of labor or expertise, rather than goods, for the benefit of a consumer.

Accounting Cycle

The sequence of procedures performed in accounting to process, record, and report financial transactions over a specific period.