Describe the relationship between price and quantity supplied.

Describe the relationship between price and quantity supplied.

The relationship between price and quantity supplied is known as the law of supply. According to this law, there is a direct relationship between the price of a good or service and the quantity that producers are willing and able to supply. As the price of a product increases, producers are motivated to supply more of it, resulting in an increase in the quantity supplied. Conversely, as the price of a product decreases, producers are less incentivized to supply it, leading to a decrease in the quantity supplied. This relationship is typically illustrated by an upward-sloping supply curve, indicating that as price increases, quantity supplied also increases. However, it is important to note that other factors, such as production costs, technology, and government regulations, can also influence the quantity supplied at any given price.