Which of These Statements Best Represents the Law of Supply

question 84

Multiple Choice

Which of these statements best represents the law of supply?

• A)When input prices increase,sellers produce less of the good.
• B)When production technology improves,sellers produce less of the good.
• C)When the price of a good decreases,sellers produce less of the good.
• D)When sellers' supplies of a good increase,the price of the good increases.

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Definitions:

CAD

Stands for Computer-Aided Design, a type of software used for creating precise drawings or technical illustrations in various engineering fields.

Economic Importance

The significance of an industry, sector, or activity in terms of its contribution to economic growth, employment, and wealth creation.

Trading Volume

The amount of an asset or securities traded during a specific period of time, often used as an indicator of market activity and liquidity.

Bubbles

Economic phenomena characterized by rapid increases in asset prices to levels significantly above the fundamental value, followed by a sharp decline.