the law of supply represents general tendency of
Answers
Explanation:
The law of supply states: ... The law of supply results from the general tendency for the marginal cost of producing a good or service to increase as the quantity produced increases. Producers are willing to supply a good only if they can at least cover their marginal cost of production.
Answer:
It is the general tendency in which there will be an increase in the production and supply of goods and services when the prices of the goods of services are increased.
Explanation:
The law of supply : Increase in the supply of goods of services when the prices of the goods and services are increased.
i.e.
- When mango prices increase the supply of mango also increase.
Why does it happen?
When the prices of the goods and services are increased the produces or the suppliers start producing more of that product to take advantage of it's high price in the market. Therefore, they increase the supply of that particular good or service more.
i.e.
- When the prices of mango are increased the fruit vendors but more mango from whole sale to sell it on the high price.