2. What is stated by the law of supply?
A. An increase in price will cause a reduced amount of sales.
B. An increase in quantity sold will allow a decrease in price.
C. An increase in quantity produced will decrease consumer demand.
D. An increase in price will inspire an increase in units supplied.
3. Which factors affect the price of a smartphone app? Select all that apply.
(you can choose 2 answers for this question)
A. price of similar apps
B. price of compatible phones
C. price of offline activities
D. time scarcity among consumers
E. opportunity costs of consumers
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