Question

Which of the following satisfy the law of supply? Select the two correct answers.(1 point)

1. A decrease in price is followed by a decrease in supply.

2. A increase in price is followed by a decrease in quantity supplied.

3. A decrease in price is followed by a decrease in quantity supplied.

4. An increase in price is followed by an increase in quantity supplied.

5. An increase in price is followed by an increase in supply.

Answer 1

3: A decrease in price is followed by a decrease in quantity supplied.

4: An increase in price is followed by an increase in quantity supplied.

Hope this helps!

Answer 2

-An increase in price is followed by an increase in quantity supplied.

-A decrease in price is followed by a decrease in quantity supplied.