The Table Given Below Reports the Quantity Demanded of a Good

question 57

Multiple Choice

The table given below reports the quantity demanded of a good by individuals 1, 2, and 3 at different prices.Table 3.1

-Which of the following is true of the law of supply?

• A)The law of supply is the sole determinant of market prices.
• B)The law of supply states that as the price of a good rises, the quantity supplied rises.
• C)The law of supply holds good only in the long-run.
• D)The law of supply is valid only in a market system of allocation.
• E)The law of supply asserts that as the cost of producing a good rises, the quantity supplied rises.

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Definitions:

Creation

The action or process of bringing something into existence, often referred to in various contexts such as art, invention, and religious narratives.

Small Companies

Businesses with a relatively small number of employees, financial assets, or market shares, often defined by specific legal criteria.

Canada

A country in North America known for its vast landscapes, multicultural diversity, and being the second-largest country by total area.

Broadly Held Corporation

A corporation that has a large number of shareholders, with no single shareholder having a controlling interest.