The Law of Supply Can Be Stated as All Else

question 98

Multiple Choice

The law of supply can be stated as all else equal:

• A) quantity supplied rises as price falls.
• B) quantity supplied rises as price rises.
• C) quantity supplied rises as income rises.
• D) quantity supplied rises as income falls.

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Definitions:

Reasonable Contract

A contract whose terms are fair, equitable, and not excessively burdensome or oppressive to any party involved.

Reject

To refuse to accept, submit to, believe, or make use of something.

Express Terms

Express Terms are specific conditions and provisions stated explicitly within a contract or agreement.

Trade Usage

Customary practices and norms adopted by participants in a specific industry, which can play a role in interpreting contracts and determining parties' intentions.