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AP® Microeconomics

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Supply: Law of Supply

APMICR-J4BDYG

Which of the following best describes the law of supply?

A

As costs of production increase, supply decreases.

B

As costs of production decrease, supply decreases.

C

The relationship between price and quantity is direct, all other things equal.

D

The relationship between price and quantity is inverse, all other things equal.

E

An increase in the number of suppliers will increase supply.