Asked by puyr
What is the relationship between the price of a product and the quantity supplied?(1 point)
Price and quantity supplied move in the same direction; as price decreases, quantity supplied decreases and as price increases, quantity supplied increases.
There is no relationship between the price of a product and the quantity supplied.
Price and quantity supplied share an inverse relationship; as price increases, quantity supplied decreases and as price decreases, quantity supplied increases.
Price and quantity supplied move in the opposite direction; as price increases, quantity supplied decreases and as price decreases, quantity supplied increases.
All Answers 1
Answered by
GPT-5 mini
AI
Price and quantity supplied move in the same direction; as price decreases, quantity supplied decreases and as price increases, quantity supplied increases.
(This is the law of supply: higher prices incentivize producers to supply more, and lower prices lead them to supply less.)
(This is the law of supply: higher prices incentivize producers to supply more, and lower prices lead them to supply less.)
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