Question

There is a positive relationship between the price of a good and its quantity supplied according to the Law of Supply.

t or f

Answer 1

The above-mentioned statement is true

Explanation

there is a positive relationship between the price of the goods and the quantity supplied, as the price of the goods increases the supplier in the market will supply more goods and hence will increase at an increased price according to the law of supply. Hence there exist a direct relationship between the price of the goods and the quantity supplied.

Answer 2

True. The Law of Supply states that, in general, there is a positive relationship between the price of a good and its quantity supplied. This means that as the price of a good increase, the quantity of the good that producers are willing and able to supply also increases. Conversely, as the price of a good decrease, the quantity of the good that producers are willing and able to supply decreases. This relationship holds because producers are motivated to produce and sell more of a good when they can get a higher price for it. The relationship between price and quantity supplied is usually depicted on a graph as an upward-sloping curve, with the price on the y-axis and the quantity supplied on the x-axis.