Question

Analyze the likely effect of a change in price on quantity supplied based on your understanding of the law of supply

Answer 1

Heya....

See here for the answer....

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As we know law of supply States that...

Other things remaining constant , then there is a positive relationship between the own price and the quantity supplied of a commodity....

So,, affect will be...

" If price increase then quantity supplied also increase...

" If price decrease quantity supplied also decrease...

-- Be Brainly..

Answer 2

Variable and Fixed Costs:

There are two types of costs: Variable and Fixed costs. The difference between the two is that Variable costs are costs that change as the volume of the good or service that a company produces changes. While Fixed costs remain constant, stable or fixed for a normal production level.