What does the Law of Supply state? What is the key feature of a typical supply curve?
What will be an ideal response?
The law of supply states that in most cases, the quantity supplied of a good rises when the price of the good rises. A typical supply curve is upward sloping which shows the positive relationship between price and quantity supplied.
Economics
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Of the following OECD countries, which has the highest per-capita spending on health care?
A) the United Kingdom B) Japan C) Canada D) the United States
Economics
When the price of a product exceeds the marginal cost of producing it, producers have a
A) consumer surplus. B) producer surplus. C) consumer shortage. D) producer shortage. E) deadweight surplus.
Economics