TRUE OR FALSE
1.the upward slope of the supply curve illustrate the low demand higher price leads to a higher quantity supplied and vice versa.
2. the downward slope of the demand curves illustrate the law of supply — the inverse between prices and quantity demanded.
3.time is important to supply because suppliers must react quickly to a change in demand or price.
4.the shift in a demand or supply curve occurs when quantity demanded or supplied changes even though prices remains the same.
5. the lay of supply says that at higher prices sellers will supply more of economic goods.​