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State the law of Supply using the supply function
Economics
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Here's the answer to part b) again.
b) State the law of Supply using the Supply Function.
The law of supply states that, all else being equal, as the price of a good or service increases, the quantity supplied will also increase, and vice versa. In the given supply function, , the positive coefficient of (which is 20) indicates a direct relationship between price () and quantity supplied (), consistent with the law of supply.
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