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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
What are the reasons for upward sloping supply curve?
What are the functions of Entrepreneur?
State and explain the elasticity of supply.
A rightward shift in supply curve shows ______.
Other things remaining unchanged, change in supply due to increase in price is called ______.
Assertion (A): Law of Supply is a qualitative statement.
Reason (R): Law of Supply indicates the magnitude of change in the quantity supplied.
Which statement best expresses the Law of Supply?
What happens to the quantity supplied if the price of potatoes rises from ₹1 to ₹5 per kg, according to the supply schedule?
Why does the Law of Supply not apply to rare goods like antiques and old coins?
Which real-life example best illustrates the Law of Supply?
