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Questions
State and explain the law of supply with the help of a diagram.
State the law of supply and explain it with the help of a diagram.
State the law of supply. Illustrate it diagrammatically.
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Solution
The law of supply states that with all other factors remaining constant, the quantity of a commodity supply varies directly with its price.
Acc. to Dooley: "The law of supply states that the higher the price, the greater the quantity supplied or the lower the price, the smaller the quantity supplied."
Individual Supply Schedule
| Price of good X | Quantity Supplied |
| 5 | 0 |
| 10 | 10 |
| 15 | 20 |
| 20 | 30 |
Supply curve
∴ The supply curve (SS) indicates that as the price of X rises, so does the quantity supplied.
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