HSC Science (Computer Science) 12th Board ExamMaharashtra State Board
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Give Reason Or Explain the Following.Supply is Directly Related to Price. - HSC Science (Computer Science) 12th Board Exam - Economics

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Question

Give reason or explain the following.

Supply is directly related to price.

Solution

Supply is directly related to price.

Ans. Meaning: -The law of supply establishes a functional relationship between the price of a commodity and its quantity supplied in the market.

Definition: -According to Marshall the law of supply is defined asOther thing being equal, the quantity of a commodity supplied is directly related to its price”

In other words, more quantity of a commodity is offered for sale at a higher price and less quantity is offered for sale at a lower price. So supply of a commodity is directly related to its price.

Symbolically it can be stated as follows:

Sx = f (Px)

Where, S stands for supply, f stands for function of, P stands for Price, x stands for a given commodity.

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APPEARS IN

 2016-2017 (March) (with solutions)
Question 2.2.1 | 2.00 marks

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Solution Give Reason Or Explain the Following.Supply is Directly Related to Price. Concept: Concept of Supply.
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