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Define the law of demand and supply curve?
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'Law Of Supply'

Definition: Law of supply states that other factors remaining constant, price and quantity supplied of a good are directly related to each other. In other words, when the price paid by buyers for a good rises, then suppliers increase the supply of that good in the market.

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.

Definition of `Law Of Supply` - Commerce

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.

Law Of Demand'

Definition: The law of demand states that other factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall.

Description: Law of demand explains consumer choice behavior when the price changes. In the market, assuming other factors affecting demand being constant, when the price of a good rises, it leads to a fall in the demand of that good. This is the natural consumer choice behavior. This happens because a consumer hesitates to spend more for the good with the fear of going out of cash.

The above diagram shows the demand curve which is downward sloping. Clearly when the price of the commodity increases from price p3 to p2, then its quantity demand comes down from Q3 to Q2 and then to Q3 and vice versa.

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Jan 05, 2025 Last updated

Document Description: Definition of 'Law Of Supply' for Commerce 2025 is part of Commerce preparation. The notes and questions for Definition of 'Law Of Supply' have been prepared according to the Commerce exam syllabus. Information about Definition of 'Law Of Supply' covers topics like and Definition of 'Law Of Supply' Example, for Commerce 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Definition of 'Law Of Supply'.

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