Nevertheless, even though most real world firms aren't price takers, the intuition behind the law of supply turns out to be both valuable and useful in understanding market adjustments; regardless of whether or not firms are price takers.
The reason for upward sloping supply curves or the law of supply (after all, they are the same thing), is rooted in the idea of
opportunity costs. The more valuable a firm's output (in terms
of price or revenue), the more the firm will be willing to forgo
other activities in favor of producing that output; just as the
law of supply suggests.
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