Question

law of supply and assuption and elesticity

Answer 1

Law of Supply : Assumptions, Exceptions and Limitations. The law of supply states that, other things remaining the same, the quantity supplied of a commodity is directly or positively related to its price. ... Thus, the supply curve of a commodity slopes upward from left to right.

Answer 2

Answer:

ADVERTISEMENTS: The law of supply may be written as follows: “Other things remaining unchanged, the supply of a commodity rises i.e., expands with a rise in its price and falls i.e., contracts with a fall in its price. ... So, a larger amount is supplied at a higher price that at a lower price in the market.