THE LAW OF SUPPLY: Explained in simple language

The law of supply states that, other things remaining same, as the price of a commodity rises, its supply also rises and as the price falls, supply contracts. Thus, supply and price of a commodity have direct/positive relationship, i.e., higher the price, larger will be the supply and vice versa.
The law of supply says that as the price of an item goes up, suppliers will attempt to maximize their profits by increasing the number of items for sale
The supply curve is upward sloping because, over time, suppliers can choose how much of their goods to produce and later bring to market. At any given point in time.
It is seen in the table above that, as price of apples rise from Re. 1 to Rs. 6, sellers increase supply of apples from 6 units to 35 units. Thus, price and supply varies directly. Higher the price, more is the supply and vice versa. The Figure below shows the supply curve, which is derived from the schedule above.
Exceptions to Law of Supply
There are certain circumstances under which the law of supply may not hold true. It means that the price of the commodity and its supply may not move in the same direction. Thus, the exceptions to the law of supply are as follows:
Closure of business.
Agricultural products.
Monopoly.
Competition.
Perishable Goods
Rare goods.
Out of fashion goods

[@akpashtoon1981]

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[@FunwithEshaalAroush]

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