Economics
JAMB 2023
The law of supply states that, other things being constant, as price increases
-
A.
Supply increases
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B.
Supply decreases
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C.
Quantity supplied increases
-
D.
Quantity supplied decreases
Correct Answer: Option C
Explanation
The law of supply says that a higher price will induce producers to supply a higher quantity to the market i.e. the higher the price, the greater the quantity supplied and vice versa.
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