law of supply
(law-of-sup-ply)
4 syllables
Definition
noun. an economic principle stating that, all else being equal, an increase in the price of a good or service will increase the quantity supplied, and a decrease in price will decrease the quantity supplied.
Example Sentence
The law of supply explains why producers are willing to sell more of their product when prices rise.
More Example Sentences
Understanding the law of supply helps businesses make better pricing decisions.
Synonyms
supply principle; supply theory; economic law
Antonyms
law of demand; price decrease; scarcity
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law of supply
