Which of the following statements describes the law of supply?

Question

BlackTom AI · Accepted Answer

The question asks: Which of the following statements describes the law of supply?
Since the provided data for answer options is missing, we only have one identified option from the answer field: 'b. Suppliers will be willing to sell more when the price is higher'.
This statement aligns with the law of supply, which states that, ceteris paribus, an increase in price leads to an increase in the quantity supplied, and a decrease in price leads to a decrease in the quantity supplied. The rationale is that higher prices provide greater potential profit, encouraging producers to offer more of the good for sale.
Because price is a key signal in supply decisions, suppliers respond by increasing output when prices rise and by restricting output when prices fall, all else equal.
Now, in the absence of the other listed options, we cannot compare alternative explanations. However, the provided option b clearly captures the core relationship described by the law of supply.
If any additional options were present, we would evaluate them for consistency with the law: statements claiming that quantity supplied moves opposite to price, remains constant despite price changes, or depends only on non-price factors would typically be incorrect under the law of supply.

Which of the following statements describes the law of supply?

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