explain law of supply in detail
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Law of supply
It is observed in markets that when more price of commodities are offered to sellers. They increase the quantity supplied of these commodities and when the level of prices decreases, the sellers decrease the quantity supplied. This behavior of seller is called law of supply.
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Explanation:
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.
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