Surname 1Students NameProfessorCourse NameDateThe Law of SupplyThe law of supply is a microeconomic law that states, when the price of a good or serviceincreases, the quantity of goods or services will increase. Of course when prices decrease, theamount of products and services supplied is decrease, ceteris paribus. An example of this is if asandwich shop was selling at average prices then decided to increase the prices. When the pricesincrease the amount of sandwiches that shop produces also increases. This increase of price willalso attract other sandwich shops to supply the market with sandwiches. This increases theamount of competitors and the amount that is supplied since there is more than one companysupplying the product or service.The Law of Diminishing Marginal UtilityThis law tackles the overall satisfaction of the consumer when it comes to the quantity ofth ...
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