The Law of Supply explains how changes in price impact the quantity supplied by producers. An increase in price leads to an increase in units supplied, while a decrease in price results in a decrease in units supplied.
The Law of Supply states that an increase in price leads to an increase in quantity supplied, assuming other factors remain constant. For example, if the price of a product like iPods increases, suppliers are motivated to sell more units to maximize profits.
In contrast, a decrease in price results in a decrease in quantity supplied as suppliers may find it less profitable to produce and sell at a lower price point.
Overall, the relationship between price and quantity supplied is a fundamental principle in economics and helps understand producer behavior in the market.
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