law of supply

USAGE SUMMARY

The phrase "law of supply" is correct and usable in written English.
It is typically used in economics to describe the relationship between the price of a good and the quantity supplied by producers. Example: "According to the law of supply, as the price of a product increases, the quantity supplied also increases."

✓ Grammatically correct

News & Media

Encyclopedias

Academia

Human-verified examples from authoritative sources

Exact Expressions

60 human-written examples

Economists nearly all blame the law of supply and demand.

The Economist

The law of supply and demand is also in force.

The New York Times

Gong, in response, cited the law of supply and demand.

The New Yorker

The law of supply and demand will relentlessly continue.

The New York Times

It's the basic law of supply and demand".

The Guardian

THE law of supply and demand is a powerful thing.

The New York Times

–What is the law of supply and demand?

The New York Times

Congress cannot repeal the law of supply and demand.

The Washington Post

Others say the law of supply and demand suggest the high prices might be justified.

The New York Times

But if we can suspend the law of supply and demand, why stop with gasoline?

The New York Times

"It's the basic law of supply and demand, but it's not good for the customer".

The New York Times - Travel

Expert writing Tips

Best practice

In economic writing, use the term "law of supply" to introduce the concept, but vary your language with synonyms like "supply principle" to avoid repetition.

Common error

Avoid confusing the "law of supply" with the law of demand. The law of supply states that as price increases, quantity supplied increases, while the law of demand states that as price increases, quantity demanded decreases.

Linguistic Context

The phrase "law of supply" functions as a noun phrase that represents a fundamental economic principle. As confirmed by Ludwig AI, it describes the direct relationship between price and quantity supplied. Examples from Ludwig illustrate its use in various economic contexts.

Expression frequency: Very common

Frequent in

News & Media

55%

Academia

15%

Encyclopedias

8%

Less common in

Science

7%

Wiki

7%

Formal & Business

1%

Ludwig's WRAP-UP

The phrase "law of supply" is a foundational concept in economics, describing the direct relationship between price and quantity supplied. As verified by Ludwig AI, its usage is grammatically correct and very common across various domains, including news, academia, and encyclopedias. When discussing market dynamics, consider using alternative phrases like "supply and demand principle" for variety. Remember to distinguish it from the law of demand, which describes an inverse relationship. By understanding and correctly applying the "law of supply", you can effectively analyze and predict market behavior.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

supply and demand principle

Reorders the terms but represents the same fundamental economic concept.

supply-demand relationship

Focuses on the relationship aspect rather than the legalistic framing.

market forces of supply

Highlights the market-driven nature of supply dynamics.

economic principle of supply

Emphasizes the broader economic context of the supply concept.

supply-side economics

Refers to the macroeconomic theory focusing on supply-side policies.

supply theory

Refers to the theoretical framework explaining supply behavior.

supply dynamics

Focuses on the changing and interactive aspects of supply.

supply response

Highlights how supply reacts to changes in market conditions.

the availability principle

Highlights the effect of availability on price.

fundamentals of supply

Focuses on the core elements and drivers of supply.

FAQs

How does the "law of supply" affect prices?

According to the "law of supply", when the price of a good or service increases, producers are willing to supply more of it, leading to a potential surplus and eventually a price adjustment towards equilibrium.

What is the difference between "law of supply" and "law of demand"?

The "law of supply" describes the relationship between price and quantity supplied (positive relationship), while the "law of demand" describes the relationship between price and quantity demanded (inverse relationship).

What are some real-world examples of the "law of supply"?

Examples include increased production of oil when prices rise, or increased farming of a certain crop when its market price increases. These responses reflect producers aiming to maximize profit.

Can the "law of supply" be suspended or broken?

While the "law of supply" is a fundamental economic principle, external factors like government regulations, technological changes, or unexpected events (e.g., natural disasters) can temporarily disrupt or alter the typical supply response.