12+ Law Of Supply Definition Economics
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. The law of supply simply refers to the. The law of supply is one of the most fundamental concepts in economics.

Supply Curve Curve Supply Economics
Supply Curve Curve Supply Economics from i.pinimg.com

It explains the positive relationship between the price of a commodity and the supply of that commodity. According to my economics textbook, the law of supply states that as price increases, more of a good is offered for sale by firms and as price decreases, less of a good is offered for sale. Definitions for law of supply law of sup┬Ěply.

Supply and law of supply.

The law of supply simply refers to the. Marginal cost, is the cost a firm faces on the next unit it is also possible to construct the supply curve given a supply function. The law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity:

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