According to the law of supply:

Question

BlackTom AI · Accepted Answer

The question concerns the law of supply, which describes how producers respond to changes in the market price of a good or service. 
Option evaluation: 
- The statement 'there is a direct relationship between price and the quantity supplied' aligns with the law of supply, which posits that, all else equal, as price rises, quantity supplied increases, and as price falls, quantity supplied decreases. This reflects the positive slope of the supply curve in standard graphs, driven by higher potential profits encouraging more production and higher marginal costs often motivating producers to supply more at higher prices. 
- Since the provided answer_options field is empty, there are no additional alternatives to compare or refute. This means we cannot analyze other potential statements such as an inverse relationship, no relationship, or non-price determinants being the sole driver. 
- The single supplied answer text matches the fundamental economic principle of supply, making it the correct descriptive statement about the law of supply, even though we cannot assess other choices that might have been presented. 
- In typical contexts, one would also consider ceteris paribus (all else equal) and note that shifts in the supply curve occur when non-price determinants (like input costs, technology, or taxes) change, whereas movement along the curve is caused by price changes alone. 
- The absence of alternative options means the evaluation focuses on the core definition: the direct relationship between price and quantity supplied.

经济&202 33295 第三章测验

According to the law of supply:

View Explanation

Log in for full answers

Similar Questions

Interpret the following statement: "An increase in the price of wheat will encourage farmers to increase the quantity of wheat supplied to the market."

A supply curve that is upward sloping means that

Why does supply slope up?

What will be the effect on supply when the price of a product rises?

Which of the following statements describes the law of supply?

What will be the effect on supply when the price of a product rises?

Which of the following statements describes the law of supply?

What will be the effect on supply when the price of a product rises?

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler