Better Students Ask More Questions.
Determine if the following statement has to do with quanity supplied, supply curve,...
1 Answer | add yours
The statement that you have given here is the law of supply.
The law of supply has to do with how much of a given good or service producers will be able and willing to produce and sell at a given price. (This price is the price they can sell it for, not the price of producing it.) Not surprisingly, the law holds that producers will supply more of a good or service (all other things being equal) when they can sell that good for a higher price. This is the law of supply.
Posted by pohnpei397 on September 30, 2012 at 2:52 PM (Answer #1)
Related QuestionsSee all »
Join to answer this question
Join a community of thousands of dedicated teachers and students.