In economics, what concept explains higher prices will increase the supply of a good?

Question

Quizplus · Accepted Answer

The law of supply explains higher prices will increase the supply of a good. There is a direct relationship between the price of a good and the amount supplied in the marketplace. The supply curve is elastic when a price change leads to a large change in quantity supplied. This happens when resources are added inexpensively. The supply curve is inelastic when a price change leads to a small change in supply. Change in quantity supplied is identified as movement along the supply curve. It is the willingness of producers to offer a good at different prices.

In Economics, What Concept Explains Higher Prices Will Increase the Supply