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प्रश्न
Discuss any two exceptions to the law of supply.
उत्तर
- Agricultural Goods: The supply of agricultural goods depends more on natural factors such as the amount of rainfall, fertility of the soil and natural calamities, etc. and less on their prices. If, due to unforseen changes in weather, the production of agricultural products is low, then their supply cannot be increased even at higher prices.
- Perishable Goods: The supply of perishable goods like milk, vegetables, fish, eggs, etc., is also not affected by their prices. Sellers cannot hold such goods for long.
- Goods of Auction: The law also does not apply in the case of goods of auction because their supply is always limited and fixed, which cannot be changed at all.
- Rare Paintings: It may quite happen that the supply is more or less fixed, as in the case of rare paintings by the same renowned painter (or decreased artists) and will not vary with changes in price.
- Backward Countries: In economically backward countries, production and supply cannot be increased with a rise in price due to a shortage of resources.
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संबंधित प्रश्न
Exceptions to the law of supply:
- Constant cost of production
- Constant technique of production
- Does not apply to agricultural goods
- No change in weather conditions
Give economic terms:
Rise in the quantity supplied of a commodity due to a rise in its price, other factors remaining constant −
Downward movement along the same supply curve should ______.
Assertion (A): The supply curve of labour slopes downwards.
Reasoning (R): After a certain point of time, when wage rate rises, the supply of labour (hours of work) tends to fall.
State with reason whether you agree or disagree with the following statement:
The supply curve of labour is backward bending.
State with reason whether you agree or disagree with the following statement:
There are many exceptions to the law of supply.
Identify and explain the concept from the given illustration:
Mahesh supplied (sold) more fruits at a comparatively low price due to the perishable nature of fruits.
- Assertion (A): Perishable goods are the exception to the Law of Supply.
- Reasoning (R): Perishable goods are sold in greater quantities only at higher prices.
Law of supply does not apply to ______.
State one exception to the law of supply.
