PRC-3 · Chapter 10 · Question 51 of 70
Which of the following variables is NOT considered a precondition (ceteris paribus assumption) for the Law of Supply?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Income of the consumer
Explanation
Consumer income determines the purchasing power of buyers and shifts the *demand* curve, having no direct relation to the firm's willingness to supply.
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