March 2021
Law of Supply: Schedule, Curve, Function, Assumptions and Exception
Law of supply is not applicable under the circumstances when there is an expectation of change in the prices of a product in the near future. Auction can take place due to various reasons, for instance, a bank may auction the assets of a customer in case of his failure in paying off the debts…
Law of Supply Graph Table Assumptions Limitations Elasticity
Market supply schedule can be drawn by aggregating the individual supply schedules of all individual suppliers in the market. For example, in case the price of a product increases, sellers would prefer to increase the production of the product to earn high profits, which would automatically lead to increase in supply. The law of supply…