Question

Type the correct answer in the box. Spell all words correctly.

What doe the law of supply state?
Supply is dependent on factors like the cost of production and other aspects. The law of supply states that if everything else remains constant and the product price increases, then there will be a(n)___
in the quantity of the product that producers are willing and able to produce.

Answer 1

Supply is dependent on factors like the cost of production and other aspects. The law of supply states that if everything else remains constant and the product price increases, then there will be a(n) INCREASE in the quantity of the product that producers are willing and able to produce.

Step-by-step explanation:

The law of supply basically states that if the price of a good or service increases, the quantity supplied should increase. On the other hand, the law of demand states the opposite, as the price of a good decreases, the quantity demanded will increase. The equilibrium point is where both the supply and demand curve intersect.