According to the law of supply, sellers will be more likely to increase their quantity supplied when. __ the selling price increases. there are lots of suppliers in the market. they can sell their goods cheaply. they are the only supplier of a good. Multiple Choice 1 point

Question

According to the law of supply, sellers will be more likely to increase their quantity supplied when. __ the selling price increases. there are lots of suppliers in the market. they can sell their goods cheaply. they are the only supplier of a good. Multiple Choice 1 point

Answer 1

## Step 1The law of supply is a fundamental principle in economics that states that, all else being equal, an increase in price results in an increase in quantity supplied. This is because suppliers are more likely to produce and sell more of a good or service when the price is higher, as it increases their potential profit.## Step 2The other options provided do not align with the law of supply. The number of suppliers in the market, the ability to sell goods cheaply, or being the only supplier of a good do not necessarily lead to an increase in quantity supplied according to the law of supply.

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According to the law of supply, sellers will be more likely to increase their quantity supplied when. __ the selling price increases. there are lots of suppliers in the market. they can sell their goods cheaply. they are the only supplier of a good. Multiple Choice 1 point

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