Which of the following are correct statements about the law of supply?
(A) As the price of a good increases, the quantity supplied of that good increases.
(B) The law of supply holds only in the short run.
(C) There is a positive relationship between price and quantity supplied.
(D) Supply curve slopes downward to the right.
(E) A rise in price leads to a decrease in quantity supplied.
Choose the correct answer from the options given below:
1
(A), (C), and (E) only
2
(B), (C), and (E) only
3
(A), (C), and (B) only
4
(A), (C), and (D) only