• Card 59 / 104: The Law of Supply says that
    A) a lower price will tend to lead a consumer to buy either the same or a greater amount of the good or service.
    B) consumers want to buy more units of something than producers want to sell at a particular price.
    C) as the market price of a good or service rises, producers tend to offer the same or a greater number of units.
    D) producers are trying to sell more units of a good or a service than consumers want to purchase at a particular price.

    Answer:
    C) as the market price of a good or service rises, producers tend to offer the same or a greater number of units.

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Lessons for the Young Economist MCQ

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Attribution:  Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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