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State and explain the law of supply. What are the exceptions to this law? (Answer in detail) |
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Answer» SUPPLY : Supply is the quantity of certain GOODS or services which are provided by the desired suppliers to the market. THE LAW OF SUPPLY - This is a DIRECT relationship between the prices of goods and it's supply . If the price of the goods rise then their supply will ALSO rise . In other words , The higher the price , The higher the quantity supplied. EXCEPTIONS - Following are the exceptions to this law of supply - Perishable Goods Agricultural Goods Rare ARTICLES Auction Sale Price EXPECTATION of sellers |
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