Question

What are the exceptions to the law of supply?

Answer 1

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Answer 2

Explanation:

The law of supply is a basic principle of economic theory which states that an rise in price outcomes in an rise in the amount provided, while maintaining other variables constant. In other words, price and quantity are directly related: amounts react in the same direction as price modifications.

The exceptions include -

• Monopoly
• Competition
• Perishable Goods
• Change in business
• Legislation Restricting Quantity
• Agricultural Products