as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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describe the principle of the law of supply.
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the law of supply states that as the price of a product or service increases, the quantity supplied to the market also increases, as producers are incentivized by the increased profit potential. likewise, as the price of a product or service decreases, the quantity supplied to the market also decreases due to decreased profit potential.
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