supply and demand\nstudy question 2 active\nprompt\nwhat does the law of supply say?\nread more >>
supply and demand\nstudy question 2 active\nprompt\nwhat does the law of supply say?\nread more >>
Answer
Answer:
The law of supply states that, all else being equal, as the price of a good or service increases, the quantity supplied of that good or service will increase, and vice versa.
Brief Explanations:
This principle reflects the positive relationship between price and quantity supplied, assuming no changes in other factors like production costs or technology. Producers are incentivized to supply more at higher prices to maximize revenue.