The law of supply indicates that, other things equal: A. the product supply curve is downsloping. B. producers will offer more of a product at low prices than at high prices. C. producers will offer more of a product at high prices than at low prices. D. consumers will purchase less of a good at high prices than at low prices.

Question

Social Studies

Karley Steele

14 December, 17:45

The law of supply indicates that, other things equal: A. the product supply curve is downsloping. B. producers will offer more of a product at low prices than at high prices. C. producers will offer more of a product at high prices than at low prices. D. consumers will purchase less of a good at high prices than at low prices.

+4

Answers (1)

Know the Answer?

Thomas Glass · Answer 1

C. Producers will offer more of a product at high prices than at low prices

Explanation:

The law of supply establish that with all the factors equal, when the price of a product increases, the producers are willing to offer more products. This results in a curve that is upward sloping and suppliers choose the number of goods they bring to the market according to the price set by the consumer demand.