In regards to supply, the law of supply and demand states that as the price of a good or service increases, the quantity supplied increases, and as the price decreases, the quantity supplied decreases.

The law of supply and demand states that as demand increases so to will supply increase to meet the quantity demanded. Depending on whether it is a move along the curve or a shift of the curve will depend on the price increase and also how far the supply curve will shift or if the amount supplied will only shift along the supply curve.

Answered by Gibbs | 2024-06-10

The law of supply and demand indicates that as prices rise, the quantity of goods offered by suppliers increases, and as prices fall, this quantity decreases. This change happens assuming all other factors stay the same. ;

Answered by MahershalaAli | 2024-06-18

The law of supply states that an increase in the price of a good leads to an increase in the quantity supplied, while a decrease in price results in a decrease in quantity supplied, assuming other factors remain constant. Producers respond to price changes to maximize profits, influencing how much of their goods they supply to the market. Understanding this relationship is crucial for grasping how markets function in economics.
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Answered by MahershalaAli | 2024-12-26