Question
Question
What 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.
An increase in price will inspire an increase in units supplied.
What 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.
An increase in price will inspire an increase in units supplied.
Answers
GPT-4o mini
The correct response is:
**An increase in price will inspire an increase in units supplied.**
This statement accurately reflects the law of supply, which indicates that as the price of a good or service rises, the quantity supplied typically increases, assuming all other factors are constant.
**An increase in price will inspire an increase in units supplied.**
This statement accurately reflects the law of supply, which indicates that as the price of a good or service rises, the quantity supplied typically increases, assuming all other factors are constant.