GRADE GROUP
GRADE GROUP
REVIEWERS - AY: twenty twenty-five to twenty-six Q three
- The Law of Supply is that supply is directly proportional to demand and price and inversely proportional to the decrease of both.
- Basically, it states that as the price goes up, the quantity and the willingness of the seller goes up. However, as the price goes down, the quantity and the willingness of the seller also goes down.
- For example, the high demand in matcha made more people sell it and turn it from a rare commodity to a simple flavor agent.
One point one NON-PRICE DETERMINANTS
One point one NON-PRICE DETERMINANTS
- There are several non-price determinants of supply which can affect the quantity supplied and the price.
● Costs (from production inputs)
● Government Interventions
● Technology
● Price of Related goods
● Number of Sellers