law of supply
Supply is the quantity of a commodity which is offered by a firm or a seller at a particular price during a given period of time. The law thus suggests that the supply varies directly with the change in price. Law Of Supply With Exceptions So a larger amount is supplied at a higher price that at a lower price in the market. . The law of supply is a basic principle in economics that asserts that assuming all else being constant an increase in the price of goods will result in a corresponding direct. Explanation of the Law. The law of supply is an economic principle revolving around the number of goods a business will produce for the open market based on price. The law of supply says that as the price of an item goes up suppliers will attemThe law of supply says that a higher price will induce producers to supply a higher qBecause businesses seek to increase revenue when they expect to rece See more. The law states a single sided approach wh...