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1 January, 00:40

If price rises, what happens to supply for a product?

a) It does not change.

b) The uncertain-economic theory has no answer to this question.

c) It increases.

d) It decreases.

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Answers (1)
  1. 1 January, 00:47
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    d) It increases.

    Explanation:

    In case of supply of products, if price increase, supply also increase. Supply is directly propotional to the price. unlike demand of products and services, where it is inversly propotional to the price. These law come under price elasticity of demand and supply, it shows the reponse of consumer with the change in price. Supply has upward slope with the change in price. In the free market, every seller or producer are competing for profit, however, it never remain constant for all time. Therefore, company shift their focus to more profitable goods and services, which lead to shift in supply of goods and services with the change in price.
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Home » Business » If price rises, what happens to supply for a product? a) It does not change. b) The uncertain-economic theory has no answer to this question. c) It increases. d) It decreases.
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