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Direction: Read the following passage and answer the question that follows:Law of Supply states that, other things being equal, quantity supplied increases with increase in price and decreases with decrease in price of a commodity.Assumptions of Law of Supply : The Law of Supply assumes the following as constant:(i) Price of all related goods(ii) Prices of input factors of production(iii) Technique of production(iv) Goals of the producer(v) Policies of the government(vi) Expectations about the marketExceptions to the Law of Supply: Agricultural Produce: The supply of agricultural produce cannot be increased with increase in prices because of limitation of agricultural land and the time involved in producing a fresh crop. Also, it is more season dependent. On the other hand, most of the agricultural produce like fruits and vegetables is perishable in nature. This is why, their supply cannot be reduced with decrease in prices.Supply of a Labour: The supply of labour is an exception to the law of supply. Initially, the supply of labour follows the law of supply, that is, with an increase in wage rate, there is an increase in supply of labour. But beyond a certain wage rate, the labour prefers to have some relaxed hours. The workers can maintain the same standard of living by working for fewer hours at higher wage rates. As a result, beyond that wage rate, the supply of labour starts falling. As a result, the supply curve of labour is backward bending.Q. Which of the following is not the assumption of supply?a)Price of all related goodsb)Prices of input factors of productionc)Technique of productiond)Goals of the consumerCorrect answer is option 'D'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following passage and answer the question that follows:Law of Supply states that, other things being equal, quantity supplied increases with increase in price and decreases with decrease in price of a commodity.Assumptions of Law of Supply : The Law of Supply assumes the following as constant:(i) Price of all related goods(ii) Prices of input factors of production(iii) Technique of production(iv) Goals of the producer(v) Policies of the government(vi) Expectations about the marketExceptions to the Law of Supply: Agricultural Produce: The supply of agricultural produce cannot be increased with increase in prices because of limitation of agricultural land and the time involved in producing a fresh crop. Also, it is more season dependent. On the other hand, most of the agricultural produce like fruits and vegetables is perishable in nature. This is why, their supply cannot be reduced with decrease in prices.Supply of a Labour: The supply of labour is an exception to the law of supply. Initially, the supply of labour follows the law of supply, that is, with an increase in wage rate, there is an increase in supply of labour. But beyond a certain wage rate, the labour prefers to have some relaxed hours. The workers can maintain the same standard of living by working for fewer hours at higher wage rates. As a result, beyond that wage rate, the supply of labour starts falling. As a result, the supply curve of labour is backward bending.Q. Which of the following is not the assumption of supply?a)Price of all related goodsb)Prices of input factors of productionc)Technique of productiond)Goals of the consumerCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following passage and answer the question that follows:Law of Supply states that, other things being equal, quantity supplied increases with increase in price and decreases with decrease in price of a commodity.Assumptions of Law of Supply : The Law of Supply assumes the following as constant:(i) Price of all related goods(ii) Prices of input factors of production(iii) Technique of production(iv) Goals of the producer(v) Policies of the government(vi) Expectations about the marketExceptions to the Law of Supply: Agricultural Produce: The supply of agricultural produce cannot be increased with increase in prices because of limitation of agricultural land and the time involved in producing a fresh crop. Also, it is more season dependent. On the other hand, most of the agricultural produce like fruits and vegetables is perishable in nature. This is why, their supply cannot be reduced with decrease in prices.Supply of a Labour: The supply of labour is an exception to the law of supply. Initially, the supply of labour follows the law of supply, that is, with an increase in wage rate, there is an increase in supply of labour. But beyond a certain wage rate, the labour prefers to have some relaxed hours. The workers can maintain the same standard of living by working for fewer hours at higher wage rates. As a result, beyond that wage rate, the supply of labour starts falling. As a result, the supply curve of labour is backward bending.Q. Which of the following is not the assumption of supply?a)Price of all related goodsb)Prices of input factors of productionc)Technique of productiond)Goals of the consumerCorrect answer is option 'D'. Can you explain this answer?.

Solutions for Direction: Read the following passage and answer the question that follows:Law of Supply states that, other things being equal, quantity supplied increases with increase in price and decreases with decrease in price of a commodity.Assumptions of Law of Supply : The Law of Supply assumes the following as constant:(i) Price of all related goods(ii) Prices of input factors of production(iii) Technique of production(iv) Goals of the producer(v) Policies of the government(vi) Expectations about the marketExceptions to the Law of Supply: Agricultural Produce: The supply of agricultural produce cannot be increased with increase in prices because of limitation of agricultural land and the time involved in producing a fresh crop. Also, it is more season dependent. On the other hand, most of the agricultural produce like fruits and vegetables is perishable in nature. This is why, their supply cannot be reduced with decrease in prices.Supply of a Labour: The supply of labour is an exception to the law of supply. Initially, the supply of labour follows the law of supply, that is, with an increase in wage rate, there is an increase in supply of labour. But beyond a certain wage rate, the labour prefers to have some relaxed hours. The workers can maintain the same standard of living by working for fewer hours at higher wage rates. As a result, beyond that wage rate, the supply of labour starts falling. As a result, the supply curve of labour is backward bending.Q. Which of the following is not the assumption of supply?a)Price of all related goodsb)Prices of input factors of productionc)Technique of productiond)Goals of the consumerCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Direction: Read the following passage and answer the question that follows:Law of Supply states that, other things being equal, quantity supplied increases with increase in price and decreases with decrease in price of a commodity.Assumptions of Law of Supply : The Law of Supply assumes the following as constant:(i) Price of all related goods(ii) Prices of input factors of production(iii) Technique of production(iv) Goals of the producer(v) Policies of the government(vi) Expectations about the marketExceptions to the Law of Supply: Agricultural Produce: The supply of agricultural produce cannot be increased with increase in prices because of limitation of agricultural land and the time involved in producing a fresh crop. Also, it is more season dependent. On the other hand, most of the agricultural produce like fruits and vegetables is perishable in nature. This is why, their supply cannot be reduced with decrease in prices.Supply of a Labour: The supply of labour is an exception to the law of supply. Initially, the supply of labour follows the law of supply, that is, with an increase in wage rate, there is an increase in supply of labour. But beyond a certain wage rate, the labour prefers to have some relaxed hours. The workers can maintain the same standard of living by working for fewer hours at higher wage rates. As a result, beyond that wage rate, the supply of labour starts falling. As a result, the supply curve of labour is backward bending.Q. Which of the following is not the assumption of supply?a)Price of all related goodsb)Prices of input factors of productionc)Technique of productiond)Goals of the consumerCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Direction: Read the following passage and answer the question that follows:Law of Supply states that, other things being equal, quantity supplied increases with increase in price and decreases with decrease in price of a commodity.Assumptions of Law of Supply : The Law of Supply assumes the following as constant:(i) Price of all related goods(ii) Prices of input factors of production(iii) Technique of production(iv) Goals of the producer(v) Policies of the government(vi) Expectations about the marketExceptions to the Law of Supply: Agricultural Produce: The supply of agricultural produce cannot be increased with increase in prices because of limitation of agricultural land and the time involved in producing a fresh crop. Also, it is more season dependent. On the other hand, most of the agricultural produce like fruits and vegetables is perishable in nature. This is why, their supply cannot be reduced with decrease in prices.Supply of a Labour: The supply of labour is an exception to the law of supply. Initially, the supply of labour follows the law of supply, that is, with an increase in wage rate, there is an increase in supply of labour. But beyond a certain wage rate, the labour prefers to have some relaxed hours. The workers can maintain the same standard of living by working for fewer hours at higher wage rates. As a result, beyond that wage rate, the supply of labour starts falling. As a result, the supply curve of labour is backward bending.Q. Which of the following is not the assumption of supply?a)Price of all related goodsb)Prices of input factors of productionc)Technique of productiond)Goals of the consumerCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Direction: Read the following passage and answer the question that follows:Law of Supply states that, other things being equal, quantity supplied increases with increase in price and decreases with decrease in price of a commodity.Assumptions of Law of Supply : The Law of Supply assumes the following as constant:(i) Price of all related goods(ii) Prices of input factors of production(iii) Technique of production(iv) Goals of the producer(v) Policies of the government(vi) Expectations about the marketExceptions to the Law of Supply: Agricultural Produce: The supply of agricultural produce cannot be increased with increase in prices because of limitation of agricultural land and the time involved in producing a fresh crop. Also, it is more season dependent. On the other hand, most of the agricultural produce like fruits and vegetables is perishable in nature. This is why, their supply cannot be reduced with decrease in prices.Supply of a Labour: The supply of labour is an exception to the law of supply. Initially, the supply of labour follows the law of supply, that is, with an increase in wage rate, there is an increase in supply of labour. But beyond a certain wage rate, the labour prefers to have some relaxed hours. The workers can maintain the same standard of living by working for fewer hours at higher wage rates. As a result, beyond that wage rate, the supply of labour starts falling. As a result, the supply curve of labour is backward bending.Q. Which of the following is not the assumption of supply?a)Price of all related goodsb)Prices of input factors of productionc)Technique of productiond)Goals of the consumerCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Direction: Read the following passage and answer the question that follows:Law of Supply states that, other things being equal, quantity supplied increases with increase in price and decreases with decrease in price of a commodity.Assumptions of Law of Supply : The Law of Supply assumes the following as constant:(i) Price of all related goods(ii) Prices of input factors of production(iii) Technique of production(iv) Goals of the producer(v) Policies of the government(vi) Expectations about the marketExceptions to the Law of Supply: Agricultural Produce: The supply of agricultural produce cannot be increased with increase in prices because of limitation of agricultural land and the time involved in producing a fresh crop. Also, it is more season dependent. On the other hand, most of the agricultural produce like fruits and vegetables is perishable in nature. This is why, their supply cannot be reduced with decrease in prices.Supply of a Labour: The supply of labour is an exception to the law of supply. Initially, the supply of labour follows the law of supply, that is, with an increase in wage rate, there is an increase in supply of labour. But beyond a certain wage rate, the labour prefers to have some relaxed hours. The workers can maintain the same standard of living by working for fewer hours at higher wage rates. As a result, beyond that wage rate, the supply of labour starts falling. As a result, the supply curve of labour is backward bending.Q. Which of the following is not the assumption of supply?a)Price of all related goodsb)Prices of input factors of productionc)Technique of productiond)Goals of the consumerCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Direction: Read the following passage and answer the question that follows:Law of Supply states that, other things being equal, quantity supplied increases with increase in price and decreases with decrease in price of a commodity.Assumptions of Law of Supply : The Law of Supply assumes the following as constant:(i) Price of all related goods(ii) Prices of input factors of production(iii) Technique of production(iv) Goals of the producer(v) Policies of the government(vi) Expectations about the marketExceptions to the Law of Supply: Agricultural Produce: The supply of agricultural produce cannot be increased with increase in prices because of limitation of agricultural land and the time involved in producing a fresh crop. Also, it is more season dependent. On the other hand, most of the agricultural produce like fruits and vegetables is perishable in nature. This is why, their supply cannot be reduced with decrease in prices.Supply of a Labour: The supply of labour is an exception to the law of supply. Initially, the supply of labour follows the law of supply, that is, with an increase in wage rate, there is an increase in supply of labour. But beyond a certain wage rate, the labour prefers to have some relaxed hours. The workers can maintain the same standard of living by working for fewer hours at higher wage rates. As a result, beyond that wage rate, the supply of labour starts falling. As a result, the supply curve of labour is backward bending.Q. Which of the following is not the assumption of supply?a)Price of all related goodsb)Prices of input factors of productionc)Technique of productiond)Goals of the consumerCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice Commerce tests.