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cording to the law of supply, the supply of a product will go up if:
OA. the product's price increases.
O B. the product's cost increases.
OC. the product's cost decreases.
OD. the product's price decreases.
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Verified Answer :

GinnyAnswer

Final answer:

The Law of Supply explains how changes in price impact the quantity supplied by producers. An increase in price leads to an increase in units supplied, while a decrease in price results in a decrease in units supplied.


Explanation:

The Law of Supply states that an increase in price leads to an increase in quantity supplied, assuming other factors remain constant. For example, if the price of a product like iPods increases, suppliers are motivated to sell more units to maximize profits.

In contrast, a decrease in price results in a decrease in quantity supplied as suppliers may find it less profitable to produce and sell at a lower price point.

Overall, the relationship between price and quantity supplied is a fundamental principle in economics and helps understand producer behavior in the market.


Learn more about Law of Supply and Quantity Supplied here:

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