What Does the Law of Supply State?

Answer

The law of supply is a microeconomic law stating that as the price of a good or service increases (and all other factors being equal), the quantity of goods or services offered by suppliers increases and vice versa. This law simply states that suppliers tend to offer more of a good/service at a higher price. As the price of a good/service increases, suppliers will attempt to maximise profits by increasing the quantity of the product sold.
Q&A Related to "What Does the Law of Supply State?"
Economists refer to the line showing the relationship between the price of an item and the number of units available for sale at that price as the supply curve. Similarly, the line
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The laws of supply and demand are very simple. The price of an item is determined usually by how many there are and how many are wanted; Supply and Demand. The determinative factors
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A microeconomic law stating that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services offered by suppliers increases and
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The law of demand states that, if all other factors remain equal, the higher
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1 Additional Answer
The Law of Supply has much to do with microeconomics. The Law of Supply states that when the increase in demand increases the cost of the product may in fact actually decrease.
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