According to the law of supply, price and quantity move

According to the law of supply, price and quantity move along a track in the same direction.

Further ExplanationSupplySupply is the quantity of goods or services that suppliers are willing to supply to the market at a particular price.  Producers and suppliers will supply goods and services at the most favorable market price that id determined by the forces of demand and supply among other factors.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 manufacturer would supply more bags of cement in the market if the prices of the bags of cement increases keeping other factors are kept constant.Supply schedule Supply schedule outlines the relationship between prices of goods and services and the Quantity of goods and services by producers.Quantity of goods and services supplied by the producers varies with the market price.The supply schedule helps us to come up with a law that we call the law of supply which defined the relationship between price and quantity of goods and services supplied.

Keywords: Supply, law of supply, price and quantity supplied

Learn more aboutSupply schedule: Law of supply: Price determination: Demand and supply:  

Level; High school

Subject: Business

Topic: Demand and supply

Sub-topic: Law of supply