Question

Which of these statements best represents the law of supply? select one:
a. when input prices increase, sellers produce less of the good.
b. when production technology improves, sellers produce less of the good.
c. when the price of a good decreases, sellers produce less of the good.
d. when sellers' supplies of a good increase, the price of the good increases?

Answer 1

c. when the price of a good decreases, sellers produce less of the good.

According to the law of supply, an increase in price results in an increase in quantity supplied. This means that there is a direct relationship between price and quantity:  Thus, when price of a good falls, sellers produce less