Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 3 - Demand, Supply, and Market Equilibrium - Quick Quiz for Figure 3.6 - Page 57: 2

Answer

b

Work Step by Step

There is a directly proportional relationship between quantity supplied and price. As the price of a product increases, the quantity supplied increases and as the price of a product decreases, the quantity supplied decreases. Producers are more willing to supply more goods at higher prices and thus the direct relationship between supply and price.
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