As frozen yogurt became popular, many different frozen yogurt shops popped up all over the country, this suggests that the: C. supply of frozen yogurt increased.
Supply can be defined as the total quantity of goods, resources or services that are demanded by consumers at a given period of time.
The law of supply states that all things being equal (ceteris paribus), an increase in price causes the quantity of goods supplied to increase.
This ultimately implies that, an increase in price and popularity would cause the supply curve to slope upward, thereby, giving producers of goods and service providers, an incentive to supply more quantity of their products and vice-versa.
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Complete Question:
As frozen yogurt became popular, many different frozen yogurt shops popped up all over the country. This suggests that the
A. supply of frozen yogurt decreased.
B. the quantity supplied of frozen yogurt decreased.
C. supply of frozen yogurt increased.
D. the quantity supplied of frozen yogurt increased.
