According to the law of supply price and quantity move

Posted By Admin @ September 03, 2022


According to the law of supply, price and quantity move


According to the law of supply, price and quantity move along a track in the same direction.

Further Explanation


  • Supply is the quantity of goods or services that suppliers are willing to supply to the market at a particular price.  
  • Producers and suppliers will supply goods and services at the most favorable market price that id determined by the forces of demand and supply among other factors.

Law of supply

  • According to the law of supply, an increase in price of a good or a service results to an increase in the quantity of goods or services that suppliers are willing to supply.
  • Conversely, a decrease in price on the other hand will result to low supply of quantity of goods and services by the suppliers.
  • For example, a manufacturer would supply more bags of cement in the market if the prices of the bags of cement increases keeping other factors are kept constant.

Supply schedule

  • Supply schedule outlines the relationship between prices of goods and services and the Quantity of goods and services by producers.
  • Quantity of goods and services supplied by the producers varies with the market price.
  • The supply schedule helps us to come up with a law that we call the law of supply which defined the relationship between price and quantity of goods and services supplied.

Keywords: Supply, law of supply, price and quantity supplied

Learn more about

  1. Supply schedule:
  2. Law of supply:
  3. Price determination:
  4. Demand and supply:

Level; High school

Subject: Business

Topic: Demand and supply

Sub-topic: Law of supply

Similar Questions

  1. According to the law of demand price and quantity move
  2. According to the law of supply the higher the price
  3. Which statements are true according to the law of supply
  4. How to find equilibrium price and quantity from a table
  5. The non-price determinants or other factors that affect supply are:
  6. Which of the following are non price determinants of supply
  7. The price p in dollars and the quantity x sold
  8. A key determinant of the price elasticity of supply is
  9. Elasticity measures how responsive quantity is to changes in price
  10. The law of demand states that as quantity demanded decreases
  11. Which statement best compares the laws of supply and demand
  12. Which statements are true according to the law of demand
  13. According to most state laws a hospital pharmacy technician can
  14. According to newton's third law of motion which are equal
  15. According to dr.king what are the two types of laws
  16. According to the staffing quantity model an organization will be
  17. According to the rate law how do concentrations affect rate
  18. According to the law of energy conservation energy can be
  19. According to the theory of liquidity preference the money supply
  20. According to hubble's law the greater a galaxy's redshift the
  21. According to hubble's law the farther away a galaxy is
  22. According to liquidity preference theory the money supply curve is
  23. What is the order of star colors with increasing temperature
  24. What is the difference between absolute magnitude and apparent magnitude
  25. Explain cognitive dissonance and three ways it can be relieved.
  26. Which of the following is not true about network security
  27. What is the value of x in the rhombus below
  28. Which of the following is not a symptom of groupthink
  29. Which two earth layers are separated by the moho boundary
  30. What should you do if your tire suddenly blows out
  31. Classify each of the following compounds as ionic or molecular.
  32. Boycotts following the boston massacre helped repeal the townshend acts.
  33. Which commander destroyed the british naval forces on lake erie
  34. This plane divides the body into anterior and posterior portions
  35. Grubhub perks gives you deals on the food you love
  36. Spanish and portuguese officials who resided temporarily in latin america
  37. Find the equation of the line tangent to the curve
  38. Choose the true statement about the graph of x 4
  39. The sales of durable and nondurable goods bought by consumers
  40. 1 inch of rain equals how many inches of snow
  41. The benefits of franchising include all of the following except
  42. What is the difference between a more and a folkway
  43. The study of individual cases that illustrate general economic laws
  44. How do u find the volume of a triangular prism
  45. Which of the following is not the purpose of hipaa
  46. Based on astrophysicist chronicles battle over pluto who first noticed
  47. What does collins seem to be saying about growing old
  48. A radio tower is located 400 feet from a building
  49. A system of linear equations with more equations than unknowns
  50. Compare and contrast the virginia plan and new jersey plan
  51. An insured under a life insurance policy has been diagnosed
  52. What is the fda food code recommendation for fingernail maintenance
  53. Who paid the largest criminal fine in hostory and why
  54. A market and a place where people meet and debate
  55. What effect does the speed of molecules have on matter
  56. All the following are techniques to manage time effectively except:
  57. A combination of two or more simple machines is a
  58. What are the names of the stable forms of oxygen
  59. Oración a la virgen de guadalupe para pedir un milagro
  60. What is the approximate height and temperature of the mesopause
  61. What were three developments in the arts during the enlightenment
  62. Why does mass not affect the period of a pendulum
  63. What is characteristic of both sound waves and electromagnetic waves
  64. A research firm conducted a survey of 49 randomly selected
  65. Why is declaring faith the first of the five pillars
  66. How did the heliocentric theory differ from the geocentric theory
  67. Which of the following statements about writing dialogue is correct
  68. A foolish consistency is the hobgoblin of little minds meaning
  69. Who is the protagonist in the lady or the tiger
  70. An organism that can make organic molecules from inorganic molecules
  71. A line segment can grow from which of the following
  72. How to determine if a graph is one to one
  73. What are two ways to tell if bleeding is life-threatening
  74. How can food handlers control the potential for cross contamination
  75. In the payments credits and tax section of the 1040ez

How many valence electrons are in an atom of gallium

Gallium has three valence electrons.Elements in the periodic table are classified into groups and periods. Elements in a given group have the same number of …

In order to create an aerial perspective a painter can

In order to create an aerial perspective a painter can : Paint the person above What is aerial perspective in artAn aerial perspective in art …

All of the following are outputs of control scope except

Answer:a. It is an output of the Validate Scope process.Explanation:We can define project scope statement as a tool which is used to manifest the main …

To what extent was bolívar a supporter of enlightenment ideas

Bolivar was a supporter of Enlightenment, as seen e.g. in his views of supporting personal freedom and democracy. In fact his mentor taught him about …

An indulgence was a certificate offered by the church to

Answer:C) certificates sold by the church that reduced or canceled a punishment for a sin.Explanation:In an effort to raise money to build churches and monasteries, …

Which of the following is true of the risk premium

Answer:E) In general, the higher the expected return, the higher the risk.Explanation:In order to attract potential investors, investments that bear a higher risk must offer …

Which best summarizes a concept related to the work-energy theorem

The concept of work-energy theorem has become much of a fundamental principle in the field of physics, mechanics, and engineering. In addition, this theory primarily …

What is the minimum internal temperature for holding hot food

The minimum internal temperature for holding cold TCS (time/temperature control for safety) food to prevent harmful food borne pathogens from multiplying is 41 degrees Fahrenheit …

What was the impact of the griswold v connecticut ruling

The correct answer is B. Couples were allowed to keep their marriage decisions private.Explanation:Griswold v. Connecticut was a case in 1965. This legal case emerged …

How can you positively manage the stress caused by loss

Answer;C. connecting with othersExplanation;Death of a loved is one of the most common causes of stress and can cause a number of serious illnesses that …

The centripetal force on an object in circular motion is

Answer: The centripetal force acts on an object towards the center.Explanation:Centripetal force is the force required to move an object in a circular motion. If …

How can you measure the wavelength of a longitudinal wave

Answer: In longitudinal wave, wavelength is obtained by measuring the distance from a compression to the next compression or from a rarefaction to the next …

What is the difference between a wholesaler and a retailer

Answer:The main difference between wholesaler and retailer is that wholesaler are people who buy products in large quantities for reselling purpose to earn a profit …

What is the difference between a sea and an ocean

Answer:c. a sea is surrounded by landExplanation:As many people use the term sea and the ocean interchangeable when speaking but the sea is generally smaller …