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
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 supplied increases with the increase in
price".
