Question

When price increases by 1%, quantity supplied increases by 2%. What does this mean?

Answer 1

this is law of supply

more money then more of a supply attempt

Step-by-step explanation:

when dealing with percents its great to use the number 100 to get a better understanding

word percent means per 100

so a price is $100 and it increases 1% then its $101

if a supply is 100 and it increases 2% then it's 102

so with an increase in price there is an increase in supply

this is the law of supply

sellers want mpre profit