The Law of Supply states that, in most cases, the quantity supplied of a good ___________ when the price of the good rises. T
his means we would expect a typical supply curve to be___________.
1 answer:
Answer:
Rises
Upward sloping
Explanation:
The law of supply states that the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.
If the price of a good or service rises, suppliers would increase quantity supplied in order to earn higher profits and when prices fall, suppliers would reduce quantity supplied in order to minimise losses.
The supply curve is upward sloping.
I hope my answer helps you.
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