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Individual Supply and Market Supply
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Problem 10
Individual Supply and Market Supply
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3. Supply and Demand / Individual Supply and Market Supply / Problem 10
Problem 10
Which of the following scenarios best illustrates the law of supply?
A
A farmer increases the amount of wheat supplied to the market as the price of wheat rises.
B
A consumer buys more apples as the price of apples decreases.
C
A retailer offers discounts to clear out excess inventory.
D
A company reduces production as the cost of raw materials increases.
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