4-The increase in the quantity supplied of the good as its price rises is expressed as …………. a)inferior goods B)Value paradox NS)law of supply D)Marginal propensity to import TO)law of demand

Inferior goods- Inferior goods are those goods whose demand falls when the income of the consumer…

Answered: The increase in the quantity supplied…

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The increase in the quantity supplied of the good as its price rises is expressed a

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 2PA

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The increase in the quantity supplied of the good as its price rises is expressed as ………….

a)	inferior goods

B)	Value paradox

NS)	law of supply

D)	Marginal propensity to import

TO)	law of demand

Definition Definition Economic principle that states that as the price of a good or service increases, the quantity demanded by consumers decreases, while a decrease in price leads to an increase in quantity demanded, assuming all other factors affecting the demand remaining constant.

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