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Consider the supply curve for basketballs. Other things held constant, if the price of basketballs goes up from $7. 99 to $14. 99, we expect from suppliers of basketballs as a result there will be an increase in quantity supplied through the Law of Supply.
What is law of supply?
A key tenet of economic theory is the rule of supply, which asserts that an increase in price will result in an increase in the quantity supplied, all other things being equal.
According to the law of supply, price and quantity supplied of an item are directly related to one another, all other things being equal.
Therefore,
we expect from suppliers of basketballs as a result there will be an increase in quantity supplied through the Law of Supply.
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