Question

explain expectation to the law of supply ​

Answer 1

Answer:

The law of supply states that the sellers are willing to sell more goods at a higher market price of a commodity and vice-versa. In other words, when the price of a commodity increases its supply increases and when the price of a commodity decreases its supply decreases, other things being constant

Answer 2

Exceptions of Law of supply

The law of supply states that the sellers are willing to sell more goods at a higher market price of a commodity and vice-versa. In other words, when the price of a commodity increases its supply increases and when the price of a commodity decreases its supply decreases, other things being constant. Thus, there is a direct relationship between the price of a commodity and its supply. However, there are some exceptions of law of supply.

There are certain circumstances under which the law of supply may not hold true. It means that the price of the commodity and its supply may not move in the same direction. Thus, the exceptions to the law of supply are as follows

• Closure of business
• Agricultural products
• Monopoly
• Competition
• Perishable Goods
• Rare goods
• Out of fashion goods

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