Author Question: According to the law of supply, price and quantity supplied are inversely related, ceteris paribus. ... (Read 70 times)

neverstopbelieb · **on:** Jun 30, 2018

According to the law of supply, price and quantity supplied are inversely related, ceteris paribus.
a. True
b. False
Indicate whether the statement is true or false

Question 2

The law of supply indicates that an increase in price will cause an increase in supply which is reflected graphically as a rightward shift of the supply curve.
a. True
b. False
Indicate whether the statement is true or false