EXPLAIN THE REASONS BEHIND THE OPERATION OF LAW OF SUPPLY.
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The law of supply says that a higher price will induce producers to supply a higher quantity to the market. ... Because businesses seek to increase revenue, when they expect to receive a higher price, they will produce more.
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The law of supply says that a higher price will induce producers to supply a higher quantity to the market. ... Because businesses seek to increase revenue, when they expect to receive a higher price, they will produce more.
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