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Introduction to Economics 1
INTRODUCTION TO ECONOMICS I (İKTİSADA GİRİŞ I) - (İNGİLİZCE) Dersi How Markets Work? Market Forces and Equilibrium soru cevapları
INTRODUCTION TO ECONOMICS I (İKTİSADA GİRİŞ I) - (İNGİLİZCE) Dersi How Markets Work? Market Forces and Equilibrium soru detayı:
SORU:
Briefly mention about the law of supply.
CEVAP:
The law of supply refers the fact that there exist a positive relationship between the price and the quantity supplied of a particular good. It indicates that when the price of a good goes up, the sellers’ quantity supplied also goes up, and vice-versa.