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Variances amongst Law of Supply and Demand

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Variances amongst Law of Supply and Demand

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  1. Check Out the Variances amongst Law of Supply and Demand

  2. Economics is a complete study that mainly defines the production, distribution and consumption of the goods and services. This primarily focuses on the behaviour and interactions of economics agents so that they can easily define the entire process of task completing.

  3. What is Law Of Supply?

  4. Law of Supplydefines that other factors remaining constant, price and quality supplied of good are directly connected to each other. When we are paying the amount to the dealer and get the products. This mainly defines that demand of the product has been increased in the market and we are trying to get the quality product from them.

  5. Assumptions of Law of Supply

  6. Nature of Goods We can say that if goods are consumable in nature and seller cannot wait for the increase in the cost of the product. At this situation, seller mainly put the efforts to sell the product in the same price because he will not take the risk to store the product.

  7. Government Policies • To run a business, we have to follow the each and every guideline given by the government because we are trying to find the best and quality product at lowest cost. We can not make the changes in the products without giving any valid reason.

  8. Alternative Products There are several kinds of products are available in the market and we are selling the products according to the customers requirements. Every company management always try to make the best change sin the products so that consumers get the quality benefit from this.

  9. What is Law of Demand? The law of demand states that we never make the changes in the product quality. At that moment we mainly increase the numbers of products which we are trying to produce. So that customers get the best product and seller gets the maximum profits. We mainly follow the rule of the law to get the quality result later. As per the law of demand we can make the changes in the relationship that defines the price and quantity and other things are remaining same.

  10. Assumptions of Law of Demand There are several kinds of products are available in the market and we are selling the products according to the customers requirements. Every company management always try to make the best change sin the products so that consumers get the quality benefit from this. • No change in price of related commodities • No change in income of the consumers • No change in taste and preference, customs, habits and requirements • No change in the size of population • No expectation regarding future change in price

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