Question

Is the law of supply about the actions of producers or consumers?

Answer 1

Answer:

Hello, The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa. The law of supply states that a higher price leads to a higher quantity, it encourages profit-seeking firms to take several actions: expand exploration consumers who buy stuff and the law of supply is about producers who make and sell stuff. 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.

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