The Principle That Producers Sell More of a Good or Service

question 106

Multiple Choice

The principle that producers sell more of a good or service when the price increases, all else held equal, is called the law of

• A)increasing profit.
• B)supply.
• C)demand.
• D)opportunity cost.
• E)reduced real income.

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Definitions:

Outstanding Liabilities

Financial obligations that a company or individual has not yet settled.

Liquidated Assets

Assets that have been converted into cash or cash equivalents by selling them.

Partnership Liability

The legal obligations that partners in a business partnership are subject to, which can include debts, actions of other partners, and contractual obligations.

Considerable Damage

Significant physical or financial harm caused to property, individuals, or organizations.