Question

Which is the correct definition of Law of Supply?

Answer 1

The law of supply is a basic economic concept. It states that an increase in the price of goods or services results in an increase in their supply. Supply is defined as the quantity of goods or services that suppliers are willing and able to provide to customers.

Explanation:

law of supply. the principle that, other things equal, an increase in the price of a product will increase the quantity of it supplied, and conversely for a price decrease; directly related. supply determinants.

Answer 2

The law of supply is a basic economic concept. It states that an increase in the price of goods or services results in an increase in their supply

Step-by-step explanation:

Hope this helps! =D