Question

Explain what is meant by the term supply. What is the law of supply?

Answer 1

Supply is the willingness and ability of producers to offer a given good or service for sale. The law of supply states that the price and the quantity supplied move in the same direction. Supply increases when the price of a good or service increases. Conversely, a decrease in price leads to a decrease in supply.

Step-by-step explanation:

It's the explanation on E 2020.

Answer 2

Supply is a basic economic concept that describes the total amount of a good or service that is available for consumption. The law of supply is a central tenet of economic theory which postulates that keeping other factors constant, an increase in price results in an increase in quantity supplied.