The law of demand says that as price goes up, people want to buy less of an item. Is there a law of supply?

Yes. It says that as price goes up sellers want to sell more.
Yes. It says that as price goes up sellers want to sell less.
No. Sellers do not base their actions on cost-benefit decisions as buyers do.
No. Although sellers almost always want to sell more as price goes up, there are a few important exceptions.


In the reading selection, which of the following was NOT listed as something that would directly affect the amount sellers would want to sell?

Changes in production technology
Changes in the prices of inputs
Changes in incomes of consumers
Changes in the prices of goods which the producers could otherwise produce


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