Question

4. This is not an assumption to the law of supply I No change in price of the commodity IIIConstant cost of production land II b. only TV cland III d. only! IL No change in transport cost IV. No change in whether conditions ​

Answer 1

Answer:

Exceptions to Law of Supply

When the price of a product is high, more producers are interested in manufacturing the products. On the contrary, if the price of a product is low, manufacturers are less interested in producing the product and therefore the offer for sale is low. However, there are exceptions to law of supply and demand.

Explanation:

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Answer 2

Option (a) is an incorrect answer.

• The law of supply states that when the price of the commodity increases then the quantity supply also increases and when the price decreases quantity supply also decreases ceteris paribus. In other words, quantity supplied, and price have direct relation, unlike the 'law of demand.'
• Following are the assumption of the law of supply:

1. The price of other goods is constant(substitute goods and complementary goods).
2. There is no change in the state of technology.
3. The price of the factor of production remains the same.
4. The goal of the producer remains the same.
5. There is no change in taxation policy.

• As the law of supply establishes one-sided relation between quantity demanded and price in other words it explains the effect of change in price on quantity supply and not vice-versa, therefore, option (a) is incorrect as in the law of supply depicts the change in the price of the given commodity.

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