Question
The law of supply states that __________.
The quantity of a good that is supplied is unrelated to the price of the good, other things being equal.
The quantity of a good that is supplied is positively related to the price of the good, other things being equal.
The supply of a good creates its own demand for that good, other things being equal.
The quantity of a good that is supplied is negatively related to the price of the good, other things being equal.
The quantity of a good that is supplied is unrelated to the price of the good, other things being equal.
The quantity of a good that is supplied is positively related to the price of the good, other things being equal.
The supply of a good creates its own demand for that good, other things being equal.
The quantity of a good that is supplied is negatively related to the price of the good, other things being equal.
Answers
GPT-4o mini
The law of supply states that **the quantity of a good that is supplied is positively related to the price of the good, other things being equal.** This means that as the price of a good increases, producers are willing to supply more of that good, while if the price decreases, they supply less.