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Economics explained


Demand and supply



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Supply refers to the quantities of a product that suppliers are willing and able to sell at various prices per period of time, other things being equal.

Firms will have more incentives to supply their products at higher prices.

The law of supply states that there is a positive relationship between price and quantity supplied.

The quantity of a good supplied to a market varies up or down for two reasons.

Existing suppliers may increase or reduce their output quantities.

Firms may stop production altogether and leave the market, or new firms may enter the market and start to produce the good.

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