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Illustration depicting the law of supply: a graph showing a downward sloping supply curve as prices increase

Ask AI: The law of supply states that as the price of a good or service increases, the quantity supplied decreases

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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

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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.

Answered by gpt-4

April 19, 2024, 7:25 a.m.

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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user yo2's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Friday, April 19, 2024

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