define law of supply. what are the factors that influence the supply in the market
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Heya....
Law of supply....
-- This law state that, other things remaining constant then there is a positive relationship between own price and the quantity supplied of a commodity...
Factors affecting supply are...
1 Own price of the commodity...
If prices are high then producer wants to supply more and more to get profit and vice versa...
2 Government Policies...
If government is granting subsidies and reduction in taxes then revenue increase so supply also increase and vice versa...
3 Cost of input used...
If in the production cost of inputs using reduces then producer will produce more goods and it increase the supply and vice versa...
4 Technology used...
If producer is using modern and improved techniques in production it creates large output and large result in supply and vice versa...
-- Be Brainly...
Law of supply....
-- This law state that, other things remaining constant then there is a positive relationship between own price and the quantity supplied of a commodity...
Factors affecting supply are...
1 Own price of the commodity...
If prices are high then producer wants to supply more and more to get profit and vice versa...
2 Government Policies...
If government is granting subsidies and reduction in taxes then revenue increase so supply also increase and vice versa...
3 Cost of input used...
If in the production cost of inputs using reduces then producer will produce more goods and it increase the supply and vice versa...
4 Technology used...
If producer is using modern and improved techniques in production it creates large output and large result in supply and vice versa...
-- Be Brainly...
Answered by
0
Definition of 'Law of Supply'
Definition of 'Law of Supply'Definition: Law of supply states that other factors remaining constant, price and quantity supplied of a good are directly related to each other. In other words, when the price paid by buyers for a good rises, then suppliers increase the supply of that good in the market.
hope it helps you ✌
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