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Question: The law of supply states that as the price of a good or service increases, the quantity supplied decreases
Asked by yo2
Actually, the law of supply states that as the price of a good or service increases, the quantity supplied increases as well. This is because producers are willing to produce and deliver more of a product as they stand to make more profit due to the higher prices. Conversely, if the price decreases, the quantity supplied would decrease because producers may not find it as profitable to produce the good or service.
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