No resultsoptions v which of the follow 23 Not yet answered Points out of 1.0 Fl

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No resultsoptions v which of the follow 23 Not yet answered Points out of 1.0 Flag question Which statenent accurately expresses the law of supply? Select one: a. Supply is limited because the factors of production are limited b. Holding all else the same, as price increases the quantity supplied decreases O O c. Supply of a given good cannot exceed the demand for that good. O d. Holding all else the same, as price increases the quantity supplied increases Question 24 Not yet ansvered P Flag question Points out of 1.0 Table: Economic Data

Explanation / Answer

The correct statement is "D". Holding all else the same, as price increases the quantity supplied also increase.

Let's check other statements to know what is wrong with them. a) Supply is not limited it can be increased with an increase in the price. So statement 1 is wrong.

b) It's just the opposite statement as the price increase the supply also increases. so the statement is wrong.

c) Supply of any good can easily exceed the demand for that good there is nothing stopping the producers to supply more. It will just bring the prices of the goods down.

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