As the price of milk increases,producers are generally willing to sell a larger quantity of milk in the market,other things constant.This represents the law of:

A) demand.
B) decreasing opportunity costs.
C) variable proportions.
D) diminishing marginal utility.
E) supply.

Question

Roosevelt Emile · Accepted Answer

Final Answer : E, Explanation :  The law described in the statement is regarding the behavior of producers as a response to changes in milk prices, which falls under the concept of supply. The law of supply states that as the price of a good increases, the quantity supplied by producers increases, ceteris paribus.

As the price of milk increases,producers are generally willing to sell a larger quantity of milk in the market,other things constant.This represents the law of:

A) demand.
B) decreasing opportunity costs.
C) variable proportions.
D) diminishing marginal utility.
E) supply.

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Learning Objectives

Related questions

As the price of milk increases,producers are generally willing to sell a larger quantity of milk in the market,other things constant.This represents the law of:A) demand.B) decreasing opportunity costs.C) variable proportions.D) diminishing marginal utility.E) supply.

Definitions

Learning Objectives

Learning Objectives

Related questions

As the price of milk increases,producers are generally willing to sell a larger quantity of milk in the market,other things constant.This represents the law of:

A) demand.
B) decreasing opportunity costs.
C) variable proportions.
D) diminishing marginal utility.
E) supply.