GENERAL KNOWLEDGE

Detailed explanation-1: -The Law of Supply gives the relationship between the price of a commodity and its supply. According to this law, other things being equal, the quantity of a commodity supplied varies directly with its price. Hence, the relationship between price and supply is positi. Q.

Detailed explanation-2: -Economists call this positive relationship between price and quantity supplied-that a higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied-the law of supply.

Detailed explanation-3: -The relationship between the quantity supplied and the price is explained by the law of supply, which states that ceteris paribus, producers supply less at low prices and more at high prices. This means that the relationship between the quantity supplied and the price is a direct relationship.

Detailed explanation-4: -The law of supply and demand is a keystone of modern economics. According to this theory, the price of a good is inversely related to the quantity offered. This makes sense for many goods, since the more costly it becomes, less people will be able to afford it and demand will subsequently drop.

Detailed explanation-5: -law of supply all other factors being equal, there is a direct relationship between a good’s price and the quantity supplied; as the price of a good increases, the quantity supplied increases; similarly, as price decreases, the quantity supplied decreases, leading to a supply curve that is always upward sloping.