Explain what is meant by the term supply. what is the law of supply?

Supply is a basic economic concept that describes the total amount of a good or service that is available for consumption. The law of supply is a central tenet of economic theory which postulates that keeping other factors constant, an increase in price results in an increase in quantity supplied.

Supply is the willingness and ability of producers to offer a given good or service for sale.  The law of supply states that the price and the quantity supplied move in the same direction. Supply increases when the price of a good or service increases.  Conversely, a decrease in price leads to a decrease in supply.

Explanation:

It's the explanation on E 2020.

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