As the price of a product increases, the quantity of the product that a producer is willing to supply increases.

Question

Quizplus · Accepted Answer

This describes the law of supply, which states that as the price of a product rises, producers will increase their quantity supplied because they can earn more profit. Conversely, as the price of a product falls, producers will decrease their quantity supplied because it becomes less profitable for them.

As the Price of a Product Increases, the Quantity of the Product