QA › Economics › According to the law of supply, price and quantity move

According to the law of supply, price and quantity move

a) along a track in the same direction.

b) along a track in opposite directions.

c) from different points toward one another.

d) from the same point away from one another.

2. According to the law of demand, price and quantity move

A) along a track in the same direction.

B) along a track in opposite directions.

C) from different points toward one another.

D) from the same point away from one another.

The law of supply dictates that price and quantity move along a track in the same direction – choice A. when the price of goods goes up, the number of goods is also expected to go high and vice versa. As prices increase, suppliers make an effort to maximize profits by producing more for sale.

According to the law of demand, price and quantity move along a track in opposite directions – Choice B. This is a vital concept that states that quantity varies inversely with product price. When the price of goods is high, the quantity purchased will go down. Therefore, the demand curve is an inverse of the supply curve.

Economics

3 years ago

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