Answer :
Final answer:
The Law of Supply explains how changes in price impact the quantity supplied by producers. An increase in price leads to an increase in units supplied, while a decrease in price results in a decrease in units supplied.
Explanation:
The Law of Supply states that an increase in price leads to an increase in quantity supplied, assuming other factors remain constant. For example, if the price of a product like iPods increases, suppliers are motivated to sell more units to maximize profits.
In contrast, a decrease in price results in a decrease in quantity supplied as suppliers may find it less profitable to produce and sell at a lower price point.
Overall, the relationship between price and quantity supplied is a fundamental principle in economics and helps understand producer behavior in the market.
Learn more about Law of Supply and Quantity Supplied here:
https://brainly.com/question/26374465
