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MICROECONOMICS CH : 11 THEORY OF SUPPLY — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 11 THEORY OF SUPPLY1 Mark
Question
State the law of supply.
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Answer

The law of supply states that higher the price, greater the quantity supplied; lower the price, smaller the quantity supplied, other determinants of supply (other than own price of the commodity) remaining constant.

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