The Law of Supply is a fundamental economic concept that states that the quantity of a product or service supplied by suppliers and producers is directly proportional to the price they are able to receive. In other words, when faced with higher prices, producers will be more likely to increase production and supply more of the product in order to make a greater profit. Conversely, if prices fall, producers will be less motivated to increase production as their profits decrease. This concept plays an important role in markets and helps to explain how supply responds to changes in price.