Question

According to the law of supply, a. the supply curve slopes downward. b. firms are willing to produce a greater quantity of a good when the price of the good is higher. c. firms’ production levels are not correlated with the price of a good. d. none of the above​

Answer 1

Answer:

The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa. The law of supply says that as the price of an item goes up, suppliers will attempt to maximize their profits by increasing the number of items for sale.

Explanation:

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Answer 2

According to the law of supply:

b.  firms are willing to produce a greater quantity of a good when the price of the good is higher.