10 multiple choice 2 points according to the law of supply, an increased price for a good should lead to: b…
10 multiple choice 2 points according to the law of supply, an increased price for a good should lead to: b. a decreased supply of that good. c. an increased demand for that good. d. a decreased demand for that good. a. an increased supply of that good.
Answer
Brief Explanations:
The law of supply states that, ceteris paribus, as the price of a good increases, the quantity supplied of that good increases because producers are more willing and able to supply at higher prices.
Answer:
a. an increased supply of that good.