k incentive assignment before question part 2 of 2 completed: 56 of 116 my score: 53.67/116 pts (46.26%)…

k incentive assignment before question part 2 of 2 completed: 56 of 116 my score: 53.67/116 pts (46.26%) which of the following is an implication of the law of supply? a. producers will offer more units at a higher price and fewer units at a lower price. b. changes in the price of a good leads to a shift in the supply curve. c. increases in money prices will lead to an increase in supply while increases in relative prices will lead to a decrease in supply. d. individuals will purchase fewer units at a higher price and more units at a lower price. the law of supply then implies that a the supply curve occurs due to a change in market price. movement along shift of

k incentive assignment before question part 2 of 2 completed: 56 of 116 my score: 53.67/116 pts (46.26%) which of the following is an implication of the law of supply? a. producers will offer more units at a higher price and fewer units at a lower price. b. changes in the price of a good leads to a shift in the supply curve. c. increases in money prices will lead to an increase in supply while increases in relative prices will lead to a decrease in supply. d. individuals will purchase fewer units at a higher price and more units at a lower price. the law of supply then implies that a the supply curve occurs due to a change in market price. movement along shift of

Answer

Brief Explanations:

The law of supply states that, ceteris paribus, the quantity supplied of a good rises when the price of the good rises, and falls when the price of the good falls. A change in the price of the good causes a movement along the supply - curve, while non - price factors cause a shift in the supply curve. Option A correctly describes the law of supply. Option B is incorrect as price changes cause movement along the curve, not a shift. Option C has an incorrect relationship between money and relative prices and supply. Option D describes the law of demand.

Answer:

A. Producers will offer more units at a higher price and fewer units at a lower price. movement along