Question

what is the relationship between price and supply

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Answer 1

Answer:

The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied. Supply curves and supply schedules are tools used to summarize the relationship between supply and price.

Answer 2

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The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied.

Supply curves and supply schedules are tools used to summarize the relationship between supply and price.