at is stated by the law of supply? (1 point) Responses An increase in price will cause a reduced amount of sales. An increase in price will cause a reduced amount of sales. An increase in quantity sold will allow a decrease in price. An increase in quantity sold will allow a decrease in price. An increase in quantity produced will decrease consumer demand. An increase in quantity produced will decrease consumer demand. An increase in price will inspire an increase in units supplied.
1 answer
The correct response that states the law of supply is: "An increase in price will inspire an increase in units supplied."
The law of supply indicates that, all else being equal, as the price of a good or service increases, producers are willing to supply more of it to the market.
