Question

state the law of supply

Answer 1

Law of supply states that other factors remaining constant, price and quantity supplied of a good are directly related to each other. In other words, when the price paid by buyers for a good rises, then suppliers increase the supply of that good in the market.

Answer 2

The lawof supply is a fundamental principle of economic theory which states that, all else equal, 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