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You are here: Home / Potpourri / Economics 101: What Is The Law Of Supply?

Economics 101: What Is The Law Of Supply?

Economics 101: What Is The Law Of Supply?

[This is part of the series: The Complete Guide To Economics 101.]

What is the law of supply?

The Law Of Supply says that all else equal, the quantity supplied of a good, or service, will increase when the price of that good or service increases.

Conversely, the quantity supplied of a good, or service, will decrease when the price of that good or service decreases.

  • If the price of cotton decreases, on average, fewer farmers will plant and grow cotton.
  • If the price of bananas increases, on average, more farmers will plant and grow bananas.
  • If the price of pedicures decreases, on average, fewer people will give pedicures.
  • And if the price of lawn moving falls, on average, fewer people will want to mow lawns.

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Filed Under: PotpourriTagged With: #Economics101

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