# According to the law of supply price and quantity move

Posted By Admin @ September 03, 2022

#### Question:

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

• 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

1. Supply schedule: brainly.com/question/8702937
2. Law of supply: brainly.com/question/8702937
3. Price determination: brainly.com/question/2396092
4. Demand and supply:  brainly.com/question/6749722

Level; High school

Topic: Demand and supply

Sub-topic: Law of supply

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