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प्रश्न
With the help of a diagram state whether supply of a good is directly or inversely related to price?
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उत्तर
The law of supply states that the supply of a good changes directly with its price, other factors influencing supply, remaining unchanged. This can be explained with the help of a diagram.
In the diagram, quantity supplied is measured on the x-axis and price along the y-axis. We find that at price OP, quantity supplied is OQ. At a higher price of OP1, the firm is willing to sell OP1 quantity of the good. And at a price lower than OP say OP2, the firm is willing to supply only lesser quantity i.e. OQ2.
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संबंधित प्रश्न
State and explain the law of supply with exceptions.
Other things remaining unchanged, change in supply due to increase in price is called ______.
Law of supply states that ______.
The Law of Supply states that other things being constant ______.
Assertion (A): Law of Supply is a qualitative statement.
Reason (R): Law of Supply indicates the magnitude of change in the quantity supplied.
The producers prefer to supply more when prices are ______.
Explain the law of supply.
What does the Law of Supply state?
Which factor is assumed to remain unchanged under the Law of Supply?
What does the supply curve typically look like according to the Law of Supply?
