Question

Give the definition of the law of
supply
​

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. Thelaw of supply says that as the price of an item goes up, suppliers will attempt to maximize their profits by increasing the quantity offered for sale.

Answer 2

Answer:

Law of Supply

With keeping other things constant, there is positive relationship between

price and quantity supplied of a commodity. That is if price increases then its

supply also increases and vice versa.