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Chapter 3
Supply
Ov
er
vi
ew of Supply
Law of SupplySupply CurveEquilibriumRelationship between Demand andSupplyElasticity of Supply and its TypesFactors Influencing Supply
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T
he Law of Supply
The
law of supply
holds that other things equal, as the price of a goodrises, its quantity supplied will rise,and vice versa.Why do producers produce moreoutput when prices rise? ±They seek higher profits ±They can cover higher marginalcosts of production
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