Question

What does the law of supply state?

Answer 1

Answer: The law of supply states that suppliers will supply more goods or services as the price of the goods or services rise and vice versa.

Explanation:

The law of supply states that suppliers will supply more goods or services as the price of the goods or services rise and suppliers will supply less goods or services as the price of the goods or services decrease. Thus, it indicates that suppliers will make more gain or profit by supplying more of a good at a higher price.

Also, supply refers to the quantity of goods and services which a supplier is willing and able to supply at a given rate over a specified period of time.

Answer 2

The law of supply states that the quantity of a good supplied (i.e., the amount owners or producers offer for sale) rises as the market price rises, and falls as the price falls. Conversely, the law of demand (see demand) says that the quantity of a good demanded falls as the price rises, and vice versa.