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What is a supply?
What is the law of supply?
What is the difference between the law of demand and supply?
What is the law of supply and determinants of supply?
Sep 30, 2023 · The law of supply is a microeconomic law that states that as the price of a good or service increases, the quantity of that good or service that suppliers offer will increase, and vice versa. It is one of the most fundamental concepts in economics and works with the law of demand to explain how market economies allocate resources and determine the prices of goods and services.
Learn how the law of supply states that a higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied. See how supply curves and supply schedules summarize the relationship between supply and price.
- so just to be clear with the difference between law of demand and law of supply. law of demand deals...Yes, the law of demand is about consumers who buy stuff and the law of supply is about producers who make and sell stuff.
- Is the law of supply unique to capitalist economies?The law of supply in this sense follows the ideas shown in the very first video Sal uses to discuss economics as a subject. That is, the ideas of A...
- "A rise in price almost always leads to an increase in the quantity supplied of that good or service...I will try to answer your first question. There are two Curves that need to be considered. The first, which Sal is talking about in your scenario,...
- Can someone please clarify this? So if the price of the product is higher, the more the supply would...No. Suppliers don't actually care how much people want something. They only care about the price they can sell it at. If there is high demand, then...
- If supply increases and the population willing to buy is held constant, then isn't a scenario create...The companies will compete with more offerers. Then, to be more competitive, they will improve services, reduce costs or decrease their prices.
- This law of supply explained is from the producer or manufacturer's side. What about consumers' beha...Consumer's behavior affects demand, not supply. Supply is how many units the seller will try to sell at a given price. It doesn't matter what consu...
- I just wanted to clarify if for example - A good here is a car.. so if the price of the car increase...The idea of demand and supply laws is that all variables are held constant except for a price. In this topics price is changed for whatever reasons...
- what do you mean by saying If the price of something goes up, companies are ABLE to produce more of ...They won't produce something that they can't make money selling.
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. [1] In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.
Dec 31, 2023 · The law of supply and demand combines two fundamental economic principles describing how changes in the price of a resource, commodity, or product affect its supply and demand. Learn how demand and supply curves, the equilibrium price, and the price elasticity of a product or resource are related to the law of supply and demand.
- Jason Fernando
- 1 min
Learn the law of supply, which states that there is a positive relationship between price and quantity supplied, leading to an upward-sloping supply curve. Explore the factors that influence supply and how they affect the supply curve.
- What is a method for me to better remember the different detriments of supply?Well, you will have to learn them by heart and there is unfortunately no way around that. But, there are numerous mnemonics out there. For example,...
- The price refers to the price of supplying goods or the cost of goods? Should be the money or the re...Yes, when it refers to prices in Supply it means the input prices and resource prices. For example, when Toyota wants to make a car the supply cost...
- Do inferior goods disobey the law of supply too?No, they don't. Let's go over the factors that change supply and see if they change for inferior goods. Price of Inputs: When goods require less in...
Learn the definition and factors of the law of supply, which states that quantity supplied increases as price increases. Watch a video and see a supply schedule and curve, and read comments and questions from other learners.
- 8 min
- Sal Khan
Aug 28, 2023 · Learn the basics of supply and demand, a fundamental concept of economics that predicts market behavior. Find out how price, consumer preferences, and producer costs affect the supply and demand curves and the equilibrium point.
