Law of supply
id:
law-of-supply-324-598510
title:
Law of supply
text:
The law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in sales price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes. This means that producers and manufacturers are willing to offer more of a product for sale on the market at higher prices, as increasing production is a way of increasing profits
brand slug:
wiki
category slug:
encyclopedia
description:
Economic theory principle
original url:
https://en.wikipedia.org/wiki/Law_of_supply
date created:
date modified:
2023-09-27T22:09:25Z
main entity:
{"identifier":"Q3537482","url":"https://www.wikidata.org/entity/Q3537482"}
image:
fields total:
13
integrity:
14