28. if prices rise and producers make more of a product, this is known as the - \neconomic law of…

28. if prices rise and producers make more of a product, this is known as the - \neconomic law of demand\neconomic law of supply\nlaw of economic scale\nlaw of diminishing marginal return\nclear all

28. if prices rise and producers make more of a product, this is known as the - \neconomic law of demand\neconomic law of supply\nlaw of economic scale\nlaw of diminishing marginal return\nclear all

Answer

Brief Explanations:

The law of supply states that, ceteris paribus, as the price of a good or service rises, the quantity supplied by producers increases. Here, when prices rise and producers make more of a product, it aligns with the law of supply. The law of demand is about the relationship between price and quantity - demanded (inverse relationship). The law of economic scale is about the relationship between output and average - cost. The law of diminishing marginal return is about the change in output as more of a variable input is added.

Answer:

B. Economic Law of Supply