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The law of supply is the tendency of suppliers to offer more of a good at a higher price. There is direct relationship between the price of a commodity and its quantity offered for sale over a specified period of time. When the price of a goods rises, other things remaining the same, its quantity which is offered for sale increases as and price falls, the amount available for sale decreases. This relationship between price and the quantities which suppliers are prepared to offer for sale is called the law of supply.
Formula for Law of Supply:
QxS = Φ (Px Tech, Si, Fn, X,........)
Qxs = Quantity supplied of commodity x by the producers.
Φ = Function
Px = Price of commodity x.
Tech = Technology.
S = Supplies of inputs.
Fn = Features of nature.
X = Taxes/Subsidies.
Where Tech, Si, Fn and X are constant
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When according to the law of supply and demand when supply increases what else happens?
According to the law of supply and demand when supply increases, prices will decrease.
Explain the law of supply in your own words?
Law of supply: If demand is held constant, an increase in supply leads to a decreased price, while a decrease in supply leads etc
The law of supply implies that the supply curve is?
Upward-sloping
What causes supply to grow as price rises?
law of supply
Why does law of demand and law of supply conflict with each other?
It's the law of supply and demand, as described by Adam Smith in his book "The Wealth Of Nations". Just one law, no conflict.
Law of demand and supply?
Consumers is the law of supply and demand.
What According to the law of supply and demand when supply increases what else happens?
According to the law of supply and demand when supply increases, prices will decrease.
When according to the law of supply and demand when supply increases what else happens?
According to the law of supply and demand when supply increases, prices will decrease.
Where can one find information regarding the law of supply?
The law of supply is a fundamental principle of economic theory. One can find information about the law of supply on various websites like Wikipedia and Investopedia. These sites provide a lot of information regarding the law of supply.
Explain the law of supply in your own words?
Law of supply: If demand is held constant, an increase in supply leads to a decreased price, while a decrease in supply leads etc
How does the law of supply and demand increase and decrease in supply?
ty
The law of supply implies that the supply curve is?
Upward-sloping
What causes supply to grow as price rises?
law of supply
Why does law of demand and law of supply conflict with each other?
It's the law of supply and demand, as described by Adam Smith in his book "The Wealth Of Nations". Just one law, no conflict.
What is the price effect according to the law of supply?
The law of supply says; The supply will be increase due to increase in price and vice versa. The reason is that the seller will maximize his profit.
Law of economics?
Supply and demand.
What does the law of demand suggest that most demand curves will be?
The law of supply predicts the supply curve will be upward sloping.
