The law of supply works because of the availability of substitutes.

Name: The law of supply works because of the availability of substitutes.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The law of supply works based on the assumption that there are no perfect substitutes for the product being sold. This means that a supplier cannot easily switch to producing another product if the price of the original product they were selling decreases. Therefore, the law of supply is not dependent on the availability of substitutes.

The Law of Supply Works Because of the Availability of Substitutes