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In: Economics

In two or more sentences define, the Law of Supply In two or more sentences define,...

In two or more sentences define, the Law of Supply In two or more sentences define, the Law of Demand Identify at least 4 determinants of supplyIdentify at least 4 determinants of demand In two or more sentences explain how the equilibrium point is determined.

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Expert Solution

Law of Supply:- It states that keeping all the factors constant, the price and the quantity of product supplied in a market are related to each other, that is when the price of a product rises, its quantity supplied also increases as the firms will try to maximise there profits.

Law of Demand:- It states that keeping all the factors constant, the price and the quantity of product demanded are inversely related to each other, that is when the price of a product rises its demand in the market decreases.

Market Equilibrium :- It is a situation when the quantity of a product demanded in the market equals to the quantity of the product supplied in the market.

Some of the determinants of supply are :-

  1. Technological Advancements.
  2. No. of Sellers in the Market.
  3. Price of the Substitute products.
  4. Production cost.

Some of the determinants of demand are:-

  1. Income of the targeted customers.
  2. Choices and Preferences.
  3. Product creditibility/ quality
  4. Product expectation.
  5. Price of the product.

Rahul Sunny answered 2 years ago
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