Question

what is supply? &law of supply?​

Answer 1

Answer:

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Answer 2

Answer:

Supply of a commodity refers to the various quantities of a commodity which a seller is willing and able to sell .

• The law of supply says that a higher price will induce producers to supply a higher quantity to the market.
• Supply in a market can be depicted as an upward sloping supply curve that shows how the quantity supplied will respond to various prices over a period of time.
• Because businesses seek to increase revenue, when they expect to receive a higher price, they will produce more.