To ascertain: a short paragraph about the supply using all the terms given.
Explanation of Solution
The law of supply says that there is a positive association between the quantity of commodity supplied and its price. It clearly means that as the price of a commodity or services increases, the quantity supplied will also rise because the producers of that commodity and services will earn more profit when the price increases which motivates them to produce and sell more amount. Opposite is true when the price falls. When the price of commodity or service is lower than its
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