In economics, the Law of Supply is the direct opposite of the Law of Demand. Which of the following correlations best describes the Law of Supply?
- If the price is high, demand will exceed supply.
- If the price is low, supply will always be inadequate for the demand.
- The higher the price, the lower the quantity supplied.
- The higher the price, the larger the quantity supplied.
Answer
The correct answer is D) The higher the price, the larger the quantity supplied..
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