Which statement accurately reflects the law of supply?

Show Answers

When the price of calculators goes up, the quantity supplied of calculators falls, assuming all else remains constant.An increase in the price of calculators causes the overall supply of calculators to grow, holding other factors unchanged.When calculator prices increase, the quantity supplied of calculators also rises, assuming other conditions stay the same.A rise in calculator prices leads to an increase in the supply of calculators, keeping all else equal.None of the above statements correctly describe the law of supply.

Explanation

The law of supply states that, all else being equal, an increase in the price of a good results in an increase in the quantity supplied. This means suppliers are willing to offer more of the good at higher prices. Therefore, option C correctly captures this relationship by linking a rise in price to a rise in quantity supplied, not the overall supply.