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TextBook Solutions for Rajasthan Board of Secondary Education Class 12 Economics Introductory Microeconomics Chapter 3 Production And Costs

Question 1

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What is meant by law of supply?

Solution

The law of supply states, 'Other things being constant, quantity supplied of a commodity is directly related to the price of commodity', i.e., supply rises when price rises and supply falls when price falls.

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TextBook Solutions for Rajasthan Board of Secondary Education Class 12 Economics Introductory Microeconomics Chapter 3 Production And Costs

What is meant by law of supply?

What is meant by change in quantity supplied?

What is meant by change in supply?

Due to improvement of technology, marginal costs of production of televisions have gone down. How will it affect the supply curve of television?

What effect does a cost saving technological progress have on supply curve?

What effect does an increase in input price have on supply curve?

What effect does an increase in excise tax have on supply curve of product?

If a farmer grows rice and wheat, how will an increase in price of wheat affect supply curve of rice?

What is meant by market period?

How will an increase in number of firms shifts the market supply curve?

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