According to the law of supply, the price of a product (good or service) is directly proportional to the quantity of that product supplied. In the event of a price decrease of a product, the quantity of that product supplied will also decrease. In such a situation, suppliers will attempt to maximize their profits, by taking advantage of an opportunity where the price of the product that they supply increases. They do this by distributing more of that product. The law of supply summarizes the producer’s behavior resulting from price changes on the market.
According to the law of supply, the price of a product (good or service) is directly proportional to the quantity of that product supplied. In the event of a price decrease of a product, the quantity of that product supplied will also decrease. In such a situation, suppliers will attempt to maximize their profits, by taking advantage of an opportunity where the price of the product that they supply increases. They do this by distributing more of that product. The law of supply summarizes the producer’s behavior resulting from price changes on the market.
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