Consider the supply curve for basketballs. Other things held constant, if the price of basketballs goes up from $7. 99 to $14. 9

Question

1 year ago

12

9, what can we expect from suppliers of basketballs as a result?.

1 answer:

Tanzania [10] · Answer 1 · 2023-07-12T07:12:52+03:00

There will be an increase in quantity supplied. (The Law of Supply)

A key tenet of economic theory is the rule of supply, which asserts that a rise in price will result in an increase in the quantity provided, all other things being equal. In other words, there is a direct correlation between price and quantity, and quantities react to price changes in the same way.'

<h3><u>What is a case of the law of supply?</u></h3>

For instance, if Apple produces 100 iPhones, then this is the quantity that is sold. The link between pricing and supply is referred to as the "law of supply." Supply also rises in tandem with price growth. In the event that prices decline, so will supply.

To Learn more about Law of Supply, Click the links.

#SPJ4