Business, 15.10.2019 21:00 marlesly87

The law of supply states that as the price of a good rises, the quantity supplied of that good disappears. decreases. remains the same. increases.

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Answer from: jadaspells27

The law of supply states that as the price of a good rises; the quantity supplied of that good increases.

According to the law of supply, an increase in price causes a corresponding increase in quantity of a commodity, while a decrease in price will case a decrease in the quantity being supplied.

Further Explanation; Supply refers to the quantity of goods that suppliers are willing and able to supply to the market at a particular price. Supply together with demand determine the prevailing market price of any given commodity. If the market price increases it means the supplier will be willing to supply more to the market so as to acquire bigger profits. Law of Supply According to the law of supply, an increase in price of a good or a service results to an increase in the quantity of goods or services that suppliers are willing to supply. Conversely, a decrease in price on the other hand will result to low supply of quantity of goods and services by the suppliers. For example, a manufacture would supply more beer if the prices of these beer increases as far as other factors are kept constant. The law of supply applies when all other factors such as inelastic goods, are held constant. Price determinationMarket price is determined by the forces of demand and supply that is based on the ability and willingness of buyers and sellers to undertake selling and buying. Buying and selling occurs at an equilibrium price that is agreed upon by sellers and buyers.

Keywords: Supply, law of supply, Quantity of goods supplied, price of goods.

Learn more about; Demand and supply; linkPrice determination; linkLaw of supply: link

Level; High school

Subject: Business

Topic: Demand and supply

Sub-topic: Law of supply

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Areceive reimbursement for your college visit costs b schedule a tour of the college campus c attend a college class to see what it’s like d both b & c e all of the above

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answer; no individual buyer or seller has any significant impact on the market price;

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