Question

law of supply and its assuption
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Answer 1

Answer:

The term “other things remaining the same” refers to the following assumptions in the law of supply: No change in the state of technology. No change in the price of factors of production. No change in the number of firms in the market. No change in the goals of the firm.

Answer 2

The cost of all factors of production does not change over a period of time. The time period under consideration is short. The technology used remains constant. The producer is rational. Natural factors remain stable.

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