If demand is held constant, an increase in supply leads to a decreased price, while a decrease in supply leads to an increased price.
Related information about law of supply:
- Law of supply - Wikipedia, the free encyclopedia
The "law of supply" is a fundamental principal of economic theory which is that quantities respond in the same direction as price changes. In nondifferentiable ...
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A microeconomic law stating that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services offered by suppliers ...
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Can someone explain why my thinking is wrong? When I think about price going up, it would seem that demand would go down because less people would be ...
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The Law of Supply. states that at higher prices, producers are willing to offer more products for sale than at lower prices. states that the supply increases as ...
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What Does Law of Supply Mean? A microeconomic law that states that all things being equal, as the price of a good or service increases, the quantity of that ...
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(Polit. Econ.) "Demand means the quantity of a given article which would be taken at a given price. Supply means the quantity of that article which could be had ...
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Law of supply and demand definition in economics told through examples. Supply and demand plays an important role in economic theory.
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Definition of law of supply: If demand is held constant, an increase in supply leads to a decreased price, while a decrease in supply leads to an increased price.