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18 March, 18:20

Sue raises the price of her paintings as more people buy them. Sue is acting based on

the law of demand.

the law of supply.

mercantilism.

market price variations.

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Answers (1)
  1. 18 March, 18:23
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    The correct answer is the law of supply.

    Explanation:

    In economics, the Law of supply is one that determines the quantity supplied by producers of a good depending on its price and other influencing factors.

    This means that if the supply quantity of the produced good increases, the price of the product will increase and vice versa.

    According to this law, a good increases as its price increases, keeping the remaining variables constant. The quantity offered is proportional to the price.
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