Law of Supply

This video discusses the Law of Supply in Economics. The Law of Supply states that, other factors being held constant, an increase in the price of a good (relative to the average price of other goods) will lead to an increase in the quantity supplied of the good. Conversely, a decrease in the price of a good (relative to the average price of other goods) will lead to a decrease in the quantity supplied of the good. This relationship is observed so frequently that it is referred to as the Law of Supply. This video provides an example, which uses a supply schedule to create a supply curve that illustrates the Law of Supply.—
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