What is the law of supply

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Reference no: EM13797833

1a) What is the Law of Supply? How do we illustrate the Law of Supply? Give an example of the Law of Supply use two to four sentences to explain your example.

1b) Indicate whether the following are considered a change in supply or a change in quantity supplied and why:

i. Cold weather in Florida destroys a lot of the orange crop. Therefore, there are fewer oranges in the supermarket.

ii. The price of leather goes up. This induces manufacturers of leather shoes to decrease production.

Reference no: EM13797833

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