Question

Consider this scenario: in response to an increase in the product's price, producers of mp3 players have increased the quantity supplied. this is an example of ____________________.

Answer 1

Consider this scenario: in response to an increase in the product's price, producers of mp3 players have increased the quantity supplied. this is an example of Law of Supply.  The law of supply states that the quantity of a good supplied rises as the market price rises, and falls as the price falls.