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Question
State one exception to the law of supply.
Solution
- Perishable Goods: The supply of perishable goods like milk, vegetables, fish, eggs, etc. is not affected by their prices. Sellers cannot hold such goods for long.
- Agricultural Goods: The law of supply does not apply to agricultural goods, as their production depends more on natural factors. If due to unforeseen changes in weather, their production of agricultural products is low, than their supply cannot be increased even at higher prices.
RELATED QUESTIONS
There are no exceptions to the law of supply.
Distinguish between Expansion of Supply and Increase in Supply.
Distinguish between Contraction of Supply and Decrease in Supply
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 −
Find the odd word
Exception to law of supply -
Downward movement along the same supply curve should ______.
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.
- 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 ______.
The supply of perishable goods like milk, vegetables, fish is ______.
Discuss any two exceptions to the law of supply.
