Law of Supply Quick Check

Question

5 of 55 of 5 Items
Question
What is the relationship between the price of a product and the quantity supplied?(1 point)
Responses

There is no relationship between the price of a product and the quantity supplied.
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 share an inverse relationship; as price increases, quantity supplied decreases and as price decreases, quantity supplied increases.

Price and quantity supplied move in the same direction; as price decreases, quantity supplied decreases and as price increases, quantity supplied increases.
Price and quantity supplied move in the same direction; as price decreases, quantity supplied decreases and as price increases, 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.

Answer 1

Price and quantity supplied share an inverse relationship; as price increases, quantity supplied decreases and as price decreases, quantity supplied increases.