138 days ago by Jeff

There are generally 5 accepted concepts that can lead to a change in supply (a shift in the supply curve). These are: input prices, productivity, the price of a substitute in production, the number of firms in a market, the expected future price of the product. Let’s go through them one by one: Inpu ...

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171 days ago by Special

Question: What is Law of supply? Answer: Ø If price of a commodity rises, the quantity supplied of it will increase and if the price of commodity falls its quantity supplied will decrease. Ø There is a positive relationship between price & quantity supplied, if other things remain constant. Question ...

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223 days ago by Jeff

A supply schedule and a supply curve are two different representations of the same thing. They show the quantity that will be supplied at different price levels. Supply schedules can be written for both individual firms, as well as for the entire market. The only difference between the two would be ...

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271 days ago by Jeff

The law of supply is very similar to the law of demand, but focuses on the firm's perspective. The law says that as prices go up, the firm is willing to supply more to the market. This should make sense to all of us, because the more people are willing to pay, the more we are willing to sell! The ge ...

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