Suppliers need to think about the cost of production versus the revenue which will be received from selling their product,and the change in profit which will be realized at different points on the schedule.This is called the:

Question

Quizplus · Accepted Answer

The concept described in the question refers to the law of supply, which states that as the price of a product increases, suppliers will increase the quantity they are willing to supply, but as the price decreases, they will decrease the quantity supplied. Therefore, suppliers need to consider the costs of production and the potential revenue when deciding how much of a product to supply. The other options (A, B, D, E) are related to demand rather than supply.

Suppliers Need to Think About the Cost of Production Versus