What is the solution to avoid black marketing if essential good in short supply?
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Description: Law of supply depicts the producer behavior at the time of changes in the prices of goods and services. When the price of a good rises, the supplier increases the supply in order to earn a profit because of higher prices.
The above diagram shows the supply curve that is upward sloping (positive relation between the price and the quantity supplied). When the price of the good was at P3, suppliers were supplying Q3 quantity. As the price starts rising, the quantity supplied also starts rising.
The above diagram shows the supply curve that is upward sloping (positive relation between the price and the quantity supplied). When the price of the good was at P3, suppliers were supplying Q3 quantity. As the price starts rising, the quantity supplied also starts rising.
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we need to expand formal sources of credit in india because:-
(1) There is no organisation which supervises the credit activities of lenders in the informal sector.
(2) There is no one to stop them from using unfair means to get their money back.
(3) Formal sources of credit are less risky and they charge less rate of interest .
(4) The RBI supervises the functioning of formal sourcesif loans.
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