Answer:
Explanation:
Supply refers to the quantity of goods and service that the supplier is willing to sell at a particular price and period. The law of supply states that an increase in price of a good or service will increase the quantity that the supplier is willing to supply provided that all other things are equal. Going by this law Micheal's response will be to Hire additional workers and increase his output or pay his workers overtime wages to increase working hours to increase output in other for him to make more profits.
