Question

law of supply ...............?????????????????????​

Answer 1

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

Answer 2

In Microeconomics,the law of supply states that as the price of any commodity or service increases,so does its supply level in the market by the sellers,producers or firms and vise versa.

Explanation:

Law of supply basically advocates the positive relationship between the price of any product or service and its quantity supplied by the sellers or producers.It implies that as the market value or price of any product or service goes up,the quantity supplied of that product or service also increases by the sellers or producers,all other things remaining constant.As the commodity or service price increases,the sellers or producers would be attracted by the prospect of higher sales revenue and hence,would increase the supply level in the market.Law of supply also explains the upward sloping shape of the supply curve.