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#46, THEORY OF SUPPLY- PART 3- LAW OF SUPPLY -MICROECONOMICS Video Lecture - Class 12

FAQs on #46, THEORY OF SUPPLY- PART 3- LAW OF SUPPLY -MICROECONOMICS Video Lecture - Class 12

1. What is the law of supply in microeconomics?

Ans. The law of supply in microeconomics states that there is a direct relationship between the price of a good and the quantity supplied by producers. As the price of a good increases, producers are generally willing to supply more of it, and vice versa.

2. How does the law of supply affect the market equilibrium?

Ans. The law of supply plays a crucial role in determining the market equilibrium. When the price of a good is at the equilibrium level, the quantity supplied by producers is exactly equal to the quantity demanded by consumers. If the price is below the equilibrium level, there will be a shortage as the quantity demanded exceeds the quantity supplied. Conversely, if the price is above the equilibrium level, there will be a surplus as the quantity supplied exceeds the quantity demanded.

3. Are there any exceptions to the law of supply?

Ans. While the law of supply generally holds true, there can be exceptions in certain cases. One exception is when producers face constraints in their ability to increase production, such as limited resources or production capacity. In such situations, the quantity supplied may not respond significantly to changes in price. Additionally, in some cases, producers may anticipate future changes in price or have contractual obligations that prevent them from adjusting their supply immediately.

4. How does the law of supply relate to the concept of elasticity?

Ans. The concept of elasticity refers to the responsiveness of quantity supplied to changes in price. The law of supply is closely related to this concept as it suggests that the price elasticity of supply is generally positive. In other words, producers are more willing to supply a good when its price increases, indicating a relatively elastic supply. However, the degree of elasticity can vary depending on factors such as production costs, time horizons, and availability of substitutes.

5. What factors can influence the supply curve?

Ans. The supply curve represents the relationship between the price of a good and the quantity supplied, assuming all other factors remain constant. However, several factors can cause shifts in the supply curve. These factors include changes in production costs, technological advancements, government regulations, taxes or subsidies, input prices, weather conditions, and expectations of future prices. Any change in these factors can lead to a shift in the supply curve, indicating a change in the quantity supplied at each price level.

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	Nov 16, 2024 Last updated

#46, THEORY OF SUPPLY- PART 3- LAW OF SUPPLY -MICROECONOMICS for Class 122024 is part of Class 12 preparation. The notes and questions for #46, THEORY OF SUPPLY- PART 3- LAW OF SUPPLY -MICROECONOMICS have been prepared according to the Class 12 exam syllabus. Information about #46, THEORY OF SUPPLY- PART 3- LAW OF SUPPLY -MICROECONOMICS covers all important topics for Class 122024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for #46, THEORY OF SUPPLY- PART 3- LAW OF SUPPLY -MICROECONOMICS.

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