As the Price of Milk Increases, Producers Are Normally Willing

question 69

Multiple Choice

As the price of milk increases, producers are normally willing to provide greater quantities.What is this response known as?  

• A) the law of demand 
• B) the law of variable proportions 
• C) the law of profitability 
• D) the law of supply

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Definitions:

Product Line

A group of related products marketed under a single brand name by the same company.

Product Life-cycle

A concept in marketing that describes the stages a new product goes through from introduction to growth, maturity, and decline.