Law of Supply
The law of supply states that the higher the price, the larger the quantity supplied, all other things constant. The law of supply is demonstrated by the upward slope of the supply curve.
the supply curve often is approximated as a straight line to simplify analysis. A straight-line supply function would have the following structure:
Quantity = a + (b) Price
Quantity Supplied is a function of price.
where a and b are constant for each supply curve.
A change in price results in a change in quantity supplied and represents movement along the supply curve.
Law of supply can be understood with the following schedule and Curve.
According to law of Supply , " Quantity suppliesd increases with the increase in price".
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