1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Gekata [30.6K]
3 years ago
15

According to the law of supply, price and quantity move

Social Studies
2 answers:
Xelga [282]3 years ago
7 0

According to the law of supply, price and quantity move along a track in the same direction.

<h2>Further Explanation</h2><h3>Supply</h3>
  • Supply is the quantity of goods or services that suppliers are willing to supply to the market at a particular price.  
  • Producers and suppliers will supply goods and services at the most favorable market price that id determined by the forces of demand and supply among other factors.
<h3>Law of supply </h3>
  • According to the law of supply, an increase in price of a good or a service results to an increase in the quantity of goods or services that suppliers are willing to supply.
  • Conversely, a decrease in price on the other hand will result to low supply of quantity of goods and services by the suppliers.
  • For example, a manufacturer would supply more bags of cement in the market if the prices of the bags of cement increases keeping other factors are kept constant.
<h3>Supply schedule </h3>
  • Supply schedule outlines the relationship between prices of goods and services and the Quantity of goods and services by producers.
  • Quantity of goods and services supplied by the producers varies with the market price.
  • The supply schedule helps us to come up with a law that we call the law of supply which defined the relationship between price and quantity of goods and services supplied.

Keywords: Supply, law of supply, price and quantity supplied

<h2>Learn more about</h2>
  1. Supply schedule: brainly.com/question/8702937
  2. Law of supply: brainly.com/question/8702937
  3. Price determination: brainly.com/question/2396092
  4. Demand and supply:  brainly.com/question/6749722

Level; High school

Subject: Business

Topic: Demand and supply

Sub-topic: Law of supply

sasho [114]3 years ago
5 0

<u>According to the law of supply, price, and quantity move in the same direction.  </u>

Further explanation:

Relationship between price and quantity:

Law of supply implies that with other factors constant, price, and quantity supplied of a good hold a positive relationship. With the rise in price of a good, quantity supplied of that good also rises when other factors are held fixed. Similarly, with other factors held fixed, quantity supplied of a particular good falls with fall in its price.

The rationale behind the law of supply:

The main economic concept behind this is that with an increase in price of a good, profits from producing that good rises with other factors being same. Other factors include cost of production to producers, and with no change in cost and rise in price, producers have an incentive to produce more to enhance their profits. In the same manner, producers have less incentive to produce more when price of the good falls as the profits also lowers down.

<u>Therefore, as per the law of supply, price, and quantity move in the same direction. </u>

Learn more:

        1. Learn more about the Law of demand and supply

brainly.com/question/11045011

        2. Learn more about the  Demand and supply diagram

brainly.com/question/2195487

       3. Learn more about the Demand and type of goods

brainly.com/question/11220857

Answer details:

Grade: Senior School

Subject: Economics

Chapter: Law of supply

Keywords: according, to, law, the law of supply, supply, demand, demand and supply, price, quantity, move, price and quantity, quantity supplied, quantity demanded, market forces, price relationship .

You might be interested in
What is the constructivist approach to global change?
ankoles [38]
I think the approach used by constructivist in terms of global change centers on the states exist which shaped by social interaction and created by the identities and the interest of the people living in it. The global attributes of global change are:

(1) states are the key unit in order to understand the international political theory.

(2) the state is created is considered social and created. It is not considered as material being.

(3) it's interest and identity helps shape the social structure as well as the system inside it.

4 0
3 years ago
The nonjudgmental attitude and genuine caring that a therapist expresses toward a client is called _____.
irakobra [83]

The answer is unconditional positive regard. This is the what a humanistic therapists offers their clients in means of reassuring them that the therapist is someone they could rely or trust on because they provide a caring and nonjudgmental attitude towards their clients. 

5 0
3 years ago
The chai phrases river is considered an artery because
melamori03 [73]

because it used to transport people and goods.

3 0
3 years ago
In robert merton's strain theory of deviance, ___________ refers to the process of seeking conventional goals but rejecting the
Tems11 [23]
The answer is innovation. As indicated by Merton, there are five sorts of aberrance in view of these criteria: congruity, development, formality, retreatism, and resistance. Auxiliary functionalism contends that freak conduct plays a dynamic, useful part in the public eye by at last sticking distinctive populaces inside a general public.
8 0
3 years ago
Amanda is a relationship therapist and usually indulges in gossip with her secretary after lunch. After meeting with her new cli
Katena32 [7]

Answer:

- Back stage.

Explanation:

As per the given description, Amanda would be considered in the 'backstage' as per Erving Goffman, the famous social psychologist. He described 'backstage' behavior as the behavior when there's no audience available to judge their behavior and individuals are completely liberated to reflect their 'true selves' without any kind of inhibition. Therefore, <u>the 'informal chat' and discussion about the new clients between the secretary and Amanda reflect that she(Amanda) is in 'backstage' as she is not inhibiting her 'true self' without any restriction and not 'casting off' anything.</u>

8 0
3 years ago
Other questions:
  • How did lawmakers propose to prevent future debates ovrr slavery in new territories?
    11·1 answer
  • All of the following statements EXCEPT one pertain to the use of chaos theory to explain career behaviorCreative and productive
    13·1 answer
  • How are collective goods different from private goods?
    15·1 answer
  • One argument made by Adam Smith is that capitalism
    10·1 answer
  • Plzzzz help meee!!!!!!!!!
    15·2 answers
  • What were the major economic factors that drew settlers to the west in this time period?
    5·1 answer
  • _____ is considered one of the greatest orators in history during rome
    14·1 answer
  • What role did technology play in the spread of mass culture at the turn of the 20th century?
    13·1 answer
  • Which answer summarizes the main difference between the Federalists and Anti-federalists?
    6·1 answer
  • When driving in a city when should you position your vehicle in the appropriate lane for a turn?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!