I’m trying to understand the law of supply and how it applies in real-world markets. From what I’ve learned, the law of supply states that when the price of a good or service increases, the quantity supplied also increases, assuming other factors remain constant. However, I’m still a bit confused about how this works in practice. What factors can affect or shift the supply curve in the law of supply? Are there any exceptions where the law of supply does not apply?
What is the law of supply and how does it work in economics?
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