The principle that producers sell more of a good or service when the price increases, all else held equal, is called the law of
A)increasing profit.
B)supply.
C)demand.
D)opportunity cost.
E)reduced real income.

Question

Quizplus · Accepted Answer

The law of supply states that the quantity of a good or service that producers are willing and able to offer for sale varies directly with its price; in other words, producers sell more of a good or service when the price increases, all else held equal.

The Principle That Producers Sell More of a Good or Service