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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 with reason whether you agree or disagree with the following statement:
There is a direct relationship between price and quantity supplied.
State and explain the elasticity of supply.
Examine the Law of Variable Proportions with the help of a diagram.
A rightward shift in supply curve shows ______.
The producers prefer to supply more when prices are ______.
Price and Supply move in the same direction. Justify the statement.
State and explain the law of supply with the help of a diagram.
What is supply function?
Why does the Law of Supply not apply to rare goods like antiques and old coins?
What does the supply curve typically look like according to the Law of Supply?
