According to the law of supply:
a. more of a good is desired by consumers as the price falls.
b. less of a good is desired by consumers as the price rises.
c. more of a good will be offered by suppliers as the price rises.
d. less of a good will be offered by suppliers as the price rises.
Question 2
According to the law of supply:
a. producers are willing to supply larger amounts of a good as its price increases.
b. a direct relationship exists between the price of a good and the amount buyers choose to buy.
c. an inverse relationship exists between the price of a good and the amount buyers wish to buy.
d. an inverse relationship exists between the price of a good and the amount producers supply.
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Suppose a country imports televisions. The country's supply and demand curves are shown in ...