166k views
0 votes
What does the law of supply state?

Producers will produce or supply many of a good as the price of the good increases.
As demand decreases, supply decreases,
Producers will produce or supply more of a good as the price of the good decreases
As demand increases, supply decreases,

User Varun A M
by
8.1k points

1 Answer

7 votes

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.

User Emir Husic
by
9.1k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.