In an answer of at least two well-developed paragraphs, provide a definition of the law of supply, and describe the factors that will cause a shift in the supply of a product. provide an example of your own that illustrates how these factors affect supply.

The law of supply states that the price of services and goods increases, its factors being equal, the offer of quantity goods and services increases.

If the price goes up the supplier maximizes profits by way of increasing the quantity which is being offered for sale. Factors which include supply are,

1. Cost of production. When the supply of a certain product decreases then its cost product increases.

2. Natural condition. Climate mostly affects supply of different products. For example, when monsoon comes, there is an increase in agriculture products.

3. Technology. When technology is high there is increase in products and also increase in supply.

A good example which illustrates the factors of law of supply, lets say when a student who is in college finds that a course like actuarial science pays well than professor job then there will be supply of students and actuarial science will increase mor student who will be doing it.

abolish

do away with

unanimous

in complete agreement

secede

separate; break free

inauguration

starting a new position with a formal ceremony.

cooperationist

people who wanted the north to cooperate with the south

surrender

to give up

volunteer

perform a service for free

draft

involuntary service in military

retreat

withdraw; move away from enemy

advisor

expert who gives advice

explanation: