Question

explain the law of supply
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Answer 1

Answer:

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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Answer 2

Answer:

The law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.

Formula

(p - p')(y - y')\geq 0

p = price of product in market if supply is y

p' = price of product in market if supply is y'

y = amount of supply of a product in market at price p

y' = amount of supply of a product in market at price p'