What is the law of supply

2 answers:

7 0

The law of supply refers to the law that states as long as everything is equal/constant, when the price of a good or service increases, the quantity of the good or service will increase. This is also true to that if everything stays the same, but the price of a good or service decreases so will the quantity of the good or service. All factors have to remain equal for this to work. Price and quantity supplied of a good are directly related to each other.

Julli [10]3 years ago

4 0

The law of supply is a fundamental principle of economic theory which states that, other factors held constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes

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