Maharashtra State BoardHSC Commerce 12th Board Exam
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State Whether the Following Statement is True and False. Supply is Indirectly Related to Price. - Economics

MCQ
True or False

State whether the following statement is TRUE and FALSE.

Supply is indirectly related to price.

Options

  • True

  • False

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Solution

Supply is indirectly related to price. – False

Explanation:
This statement is false, as supply of a good is directly related to price. This is because, higher prices means higher profit prospective for the seller. Accordingly, they prefer to increase sales as the price rise and vice-versa. Thus, supply is directly related to price of the commodity.

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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 5 Producer's Behaviour
Exercise | Q 3.3 | Page 44
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