supply. The law of supply indicates that producers will produce and sell ( more, less ) of their product at a high price than at a low price. This means that there is a ( positive, negative ) relationship between price and quantity supplied. The basic explanation is that, given product costs, a higher price means greater profits and thus more incentive for business to increase the quantity supplied
supply. The law of supply indicates that producers will produce and sell ( more, less ) of their product at a high price than at a low price. This means that there is a ( positive, negative ) relationship between price and quantity supplied. The basic explanation is that, given product costs, a higher price means greater profits and thus more incentive for business to increase the quantity supplied
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Describe and give a reason for the law of supply.
The law of supply indicates that producers will produce and sell ( more, less ) of their product at a high
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