Law of supply
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The Law of Supply states that at higher prices, producers are willing to offer more products for sale than at lower prices, that the supply increases as prices increase, and decreases as prices decrease, that those already in business will try to increase productions as a way of increasing profits.[1]
[edit] See also
[edit] References
- ^ Sullivan, arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 101. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4.
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