The law of Supply is the tendency of suppliers to offer more of a good at a higher price. Sellers supply more goods at a higher price than they are willing at a lower price.
There are lots of examples of law of supply. Basically, an example of economic activity. Cost of scarce supply goods increase in relation to the shortages. For example, when Iphone first came out there were lineups of people wanting to get the product. So a large amount were being produced and the prices were able to be maintained very high because they were being bought out so quickly. On the other hand, as the demand on hype over the Iphone decreased and more people purchased one, a less amount need to be produced. This is the law of Demand. It is a law that states that consumers buy more of a good when its price decreases and a less when its price increases (Also known as Ceteris Paribus).
While researching, Veblen goods are a positional good. Meaning, the product is worth the price. For example, luxury cars that are sold at high prices is mentioned as the desirable due to their price.
Another is the Giffen goods. It is one which people contractually consume more of as the price rises. Perfumes can be an example of a Giffen Good.
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