Maharashtra State BoardHSC Commerce 12th Board Exam
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Give Reason Or Explain the Following. - Economics

Short Note

Give reason or explain the following.

Law of supply is not applicable to rare articles.

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Solution

Law of Supply in case of Rare Articles:

Rare, artistic and precious articles are also outside the scope of law of supply. For example, supply of rare articles like painting of Mona Lisa cannot be increased, even if their prices are increased.

Concept: Concept of Supply
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