Which of the following examples best describes the Law of Supply? A)
Which of the following examples best describes the Law of Supply?
A) When the cost of production of cotton increased, all suppliers’ willingness to accept decreased.
B) When the market price of pens increased, sellers started supplying more pens.
C) When the cost of production of cotton fell, the market price of cotton also fell.
D) When the market price of pens increased, sellers started supplying fewer pens.
ANSWER
B
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