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Expenditure Method

Supply is dir...

Question

Supply is directly related to price. Explain.

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Solution

Supply is directly related to price
The law of supply establishes a functional relationship between the price of a commodity and its quantity supplied in the market

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Similar questions

Q. Give reasons or explain:

i. Supply is directly related to price.

ii. Stock can exceed supply.

iii. When price rises, supply expands.

iv. The supply of agricultural commodity is relatively inelastic.

v. With a slight change in the price, if supply varies in a greater proportion then supply is said to be relatively elastic.

Q. Give reasons for the following:
Supply is directly related to price.

Q. Why are foreign exchange rate and supply of foreign exchange directly related? Explain.

Q. Explain two factors affecting supply other than price.

Q. Explain the various types of price elasticity of supply.

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