Macroeconomics: Principles, Problems, & Policies 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0-07766-077-3
ISBN 13: 978-0-07766-077-2

Chapter 3 - Demand, Supply, and Market Equilibrium - Discussion Questions - Page 72: 3

Answer

The law of supply states that as the supply increases, the price decreases, while as the supply decreases, the price increases.

Work Step by Step

The law of supply states that as the supply increases, the price decreases, while as the supply decreases, the price increases.
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