Define Elasticity of Supply , Degrees and Factors affecting it.
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The law of supply states the direct relationship between the price of a product and quantity supplied of the product.
In simple words, if the price of a product increases, the quantity supplied for the product also increases.
On the other hand, if there is fall in the price of a product, then the quantity supplied of the product would also decrease.
In simple words, if the price of a product increases, the quantity supplied for the product also increases.
On the other hand, if there is fall in the price of a product, then the quantity supplied of the product would also decrease.
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