LAW OF SUPPLY (reporting)

It is assumed that the price of the product changes, but there is no change in the cost of
production. ... Therefore, the law of supply will be valid only if the cost of production remains
constant. It implies that the factor prices such as wages, interest, rent etc., are also unchanged.

The law of supply is the microeconomic law that states that, all other factors being equal,
as the price of a good or service increases, the quantity of goods or services that suppliers offer
will increase, and vice versa

Law of supply states that other factors remaining constant, price and quantity supplied of a
good are directly related to each other. In other words, when the price paid by buyers for a good
rise, then suppliers increase the supply of that good in the market.

The law of supply is a fundamental principle of economic theory which states that, keeping
other factors constant, an increase in price results in an increase in quantity supplied. In other
words, there is a direct relationship between price and quantity: quantities respond in the same
direction as price changes.

Fear of being out of fashion (limitations)

As we know that quantity supplied of a commodity is affected by fashion, taste and preferences
of the consumer, technology and time. If the seller thinks that the goods are going to be
outdated in the near future, he sells more at a lower price which is also against the law of
supply.

Alfred Marshall. After Smith's 1776 publication, the field of economics developed rapidly, and
refinements were to the supply and demand law. In 1890, Alfred Marshall's Principles of
Economics developed a supply-and-demand curve that is still used to demonstrate the point at
which the market is in equilibrium.

Law of supply states that other factors remaining constant, price and quantity supplied of a good
are directly related to each other. In other words, when the price paid by buyers for a good rises,
then suppliers increase the supply of that good in the market.

Supply is a fundamental economic concept that describes the total amount of a specific good or
service that is available to consumers. Supply can relate to the amount available at a specific
price or the amount available across a range of prices if displayed on a graph
the law of supply states the greater the price of a good, the more goods will be produced. Vice
versa, the lower the price of a good, the less goods would be produced.

It's important because it states the obvious, sellers are happy when prices are higher! ... So
price and quantity supplied vary directly, meaning they move in the same direction because
sellers like making more money. And selling more at a higher price is more preferable than
selling more at lower prices.

Supply and demand have an important relationship because together they determine the

prices of most goods and services

The law of supply is a fundamental principle of economic theory which states that, keeping

other factors constant, an increase in price results in an increase in quantity supplied.