The Law of Supply The law of supply states that, all other factors being equal, as the price of a good or service increases, the quantity supplied by producers increases, and vice versa. This creates a direct relationship between price and quantity supplied, as higher prices offer greater profit potential for firms. Supply Curve: A graphical representation that is typically upward-sloping, reflecting that producers are willing to sell more at higher prices. Determinants of Supply (Shifters): Fac

Supply and demand curve:The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource.It is visualized on a chart at the intersection of the supply and demand curve. This intersection is the market price at which suppliers bring to market that same quantity of product that consumers will be willing to buy. They then say that Supply and Demand are in equilibrium. | Rohit Chandra Thakur