identify and explain the concept from the given illustrations Due to urgency of cash, Martina sold her car at less price
Answers
Answer:
exception to the law of supply
Explanation:
if the seller is in urgent need for hard cash, he may sell his product at which may even be below the market price. This is the exception to the law of supply
Answer:
An exception to the law of supply.
Explanation:
The law of supply is a microeconomic principle that says, with all other factors being equal, that if the cost of an item or service rises, suppliers will offer more of those goods or services and vice versa. According to the rule of supply, suppliers will try to maximize their earnings when the price of an item rises by offering more products for sale. Market supply, short-term supply, long-term supply, joint supply, and composite supply are the five different types of supply.
Prices and consumer demands have an impact on supply. Additionally, factors such as the availability of suppliers, the degree of competition, the status of technology, and the existence of government assistance or restrictions will be crucial. The supply of some goods, such as agricultural commodities, is also influenced by factors like weather and crop yields.
To find out more about supply, check out:
https://brainly.in/question/4309810
To find out more about demand, check out:
https://brainly.in/question/6737289
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