The price of copper rises from 1.65/lb to 3.75/lb Which scenarlo is best supported by the law of supply? C Consumers will purchase more copper at higher prices than they will at lower prices. Consumers will purchase less copper at higher prices than they will at lower prices. Producers will offer more copper at higher prices than they will at lower prices. Producers will offer more copper at lower prices than they will at higher prices.

Question

The price of copper rises from 1.65/lb to 3.75/lb Which scenarlo is best supported by the law of supply? C Consumers will purchase more copper at higher prices than they will at lower prices. Consumers will purchase less copper at higher prices than they will at lower prices. Producers will offer more copper at higher prices than they will at lower prices. Producers will offer more copper at lower prices than they will at higher prices.

Answer 1

The correct answer is:Producers will offer more copper at higher prices than they will at lower prices.The law of supply states that, all else being equal, an increase in the price of a good will result in an increase in the quantity supplied. In this scenario, the price of copper rises from

3.75/lb, which means producers are more likely to offer more copper at the higher price.

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