Asked by Samuel Flores on Jul 21, 2024
Verified
The law of supply states that, other things equal, when the price of a good rises, the quantity supplied of the good falls.
Law Of Supply
The Law of Supply states that, all else being equal, an increase in price results in an increase in the quantity supplied.
Quantity Supplied
The supply of a good or service that businesses intend to sell, given a certain price point.
- Comprehend the principles of supply law and its manifestation on the supply curve.
Verified Answer
KA
Kwabena AsareJul 25, 2024
Final Answer :
False
Explanation :
The law of supply actually states that, other things being equal, when the price of a good rises, the quantity supplied of the good also rises.
Learning Objectives
- Comprehend the principles of supply law and its manifestation on the supply curve.