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Supply of a commodity is functionally related to its price. The law of supply rated to this function relationship between price of a commodity and its supply. In contrast to the inverse relationship between the quantity demanded and the changes in price the quantity supplied generally varies directly with price. That is the higher the price the large is the quantity supplied of a commodity.The supply schedule and supply curve reflect the law of supply. According to the law of supply when the price of a commodity rises, the quantity supplied of it in the market increases and when the price of a commodity falls its quantity demanded decrease other factors deeming supply remaining the same. Thus according to the law of supply, the quantity supplied of a commodity is directly or positively related to price. It is due to this direct relationship between price of a commodity and its quantity supplied that the supply curve of a commodity slopes upward to right as seen from supply curve SS in when price of wheat rises from $ 520 to $ 530 per quintal the quantity supplied of wheat in the market increase from 200 quintals to 225 quintals per period.
As there are natural monopoly market situations it is in the public interestto permit monopolies, but traditionally in the United States they are regulated with respect to price.
Q. What do you meant by Enclosures? Enclosures: A historic process in Britain and other European countries, in very early years of capitalism, in that lands formerly held and u
buyers cannot tell whether any given car is a lemon. The percent of all cars that are lemons is theta. How much is theta when all cars offered are sold?
#what is exceptional supply curve
How is the wrong conclusion result in necessary condition not in the sufficient condition? This is often heard that the market institution must not be used based onto the fact
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is it just assumed that a monopoly graph is showing economic profit instead of accounting profit
•Create a demand schedule and a supply schedule for your product.. •Using these schedules, draw a demand curve and a supply curve using PowerPoint or Excel. Use these to determine
Negative profit FC + VC > R(q) MR > MC Indicates higher profit at the higher output - Question: Why is profit negative when the output is zero? - Outp
When somebody wearing muddy shoes rides a public bus, he imposes a negative externality on other riders (passengers get some mud rubbed off on them, and the shoes look ugly). If a
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