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Username: BobM

Rating:
Guru Stars

Asked to: Apinya Kamon

Date Created: 26 Apr 2019
Category 28
Tag Financial
Question What is the Law of Supply?
Advice from Guru
Hello BobM,

The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa. The law of supply says that as the price of an item goes up, suppliers will attempt to maximize their profits by increasing the quantity offered for sale.

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