state and explain the law of supply with its assumption,, please its urgent
Answers
Answered by
4
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. In other words, when there is a rise in the price of a commodity the quantity supplied of it in the market increases and when there is a fall in the price of a commodity, its quantity supplied decreases, other things remaining the same.
Law of Supply Assumptions
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.
No change in the seller’s expectations regarding future prices.
No change in the tax and subsidy policy of the products.
No change in the price of other goods.
HEY mate hope it help....mark my brainliest
Law of Supply Assumptions
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.
No change in the seller’s expectations regarding future prices.
No change in the tax and subsidy policy of the products.
No change in the price of other goods.
HEY mate hope it help....mark my brainliest
adi800563:
my name
....?
yes
check my profile
oo nice
: )
by the way thank you very very much
my pleasure
where r you from
by the way
Similar questions