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Which of the following demonstrates the law of supply?
Which of the following demonstrates the law of supply?
a.When the price of ice cream decreased, baloon sellers decrease their quantity supplied of ice cream.
b.When shirts producers expected shirt prices to rise in the near future, they decreased their current supply of shirts.
c.When car production technology improved, car producers increased their supply of cars.
d.When salt prices rose, salt sellers decreased their quantity supplied of salt.
if shirt producers expect shirt prices to rise in the near future I think they will hold onto inventory and wait to sell at the increased price
if car productions technology improves then car producers will gain more profits at the same price but if they increase production they might also have to reduce price to protect against a surplus so I can not decide which answer best describes the law of supply can you help me get the right answer and also help me to understand the concept?
