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Question
The supply of perishable goods like milk, vegetables, fish is ______.
Options
Inelastic
Elastic
Perfectly elastic
None of these
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Solution
The supply of perishable goods like milk, vegetables, fish is elastic.
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RELATED QUESTIONS
Distinguish between Expansion of Supply and Increase in Supply.
Give economic terms:
Rise in the quantity supplied of a commodity due to a rise in its price, other factors remaining constant −
Downward movement along the same supply curve should ______.
Assertion (A): The supply curve of labour slopes downwards.
Reasoning (R): After a certain point of time, when wage rate rises, the supply of labour (hours of work) tends to fall.
State with reason whether you agree or disagree with the following statement:
The supply curve of labour is backward bending.
Identify and explain the concept from the given illustration:
Mahesh supplied (sold) more fruits at a comparatively low price due to the perishable nature of fruits.
- Assertion (A): Perishable goods are the exception to the Law of Supply.
- Reasoning (R): Perishable goods are sold in greater quantities only at higher prices.
Law of supply does not apply to ______.
Discuss any two exceptions to the law of supply.
State one exception to the law of supply.
