JAMB - Economics (2023 - No. 30)
The law of supply states that, other things being constant, as price increases
Supply increases
Supply decreases
Quantity supplied increases
Quantity supplied decreases
Explanation
The law of supply says that a higher price will induce producers to supply a higher quantity to the market i.e. the higher the price, the greater the quantity supplied and vice versa.
Comments (0)
