As the price of milk increases, producers are normally willing to provide greater quantities.What is this response known as?

Question

Quizplus · Accepted Answer

The response of producers to increase the quantity of milk supplied as the price of milk increases is known as the law of supply. The law of supply states that there is a positive relationship between the price of a good and the quantity supplied, holding all other factors constant. This means that producers are willing and able to produce and supply more of a good or service as the price increases, ceteris paribus.

As the Price of Milk Increases, Producers Are Normally Willing