ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The law of supply says that a higher price will induce producers to supply a higher quantity to the market. Because businesses seek to increase revenue, when they expect to receive a higher price for something, they will produce more of it.

Detailed explanation-2: -The supply curve will move upward from left to right, which expresses the law of supply: As the price of a given commodity increases, the quantity supplied increases (all else being equal).

Detailed explanation-3: -The law of supply states that there is a direct relationship between price and quantity supplied. In other words, when the price increases the quantity supplied also increases.

Detailed explanation-4: -The Law of Supply. The law of supply predicts a positive relationship between pricing and supply. As prices of goods or services rise, suppliers increase the amount they produce-as long as the revenue generated by each additional unit they produce is greater than the cost of producing it.

Detailed explanation-5: -The Law of Supply states that there is a direct relationship between the market price of a good or service and the quantity of that good or service that producers are willing and able to produce.