Economics is a complete study that mainly defines the production, distribution, and consumption of goods and services. This primarily focuses on the behavior and interactions of economic agents so that they can easily define the entire process of task completion. We can easily get several best guidelines to complete the work with quality. This mainly helps to analyze the entire process of completing the work so that they collect the quality result. We are trying to provide quality information to students with the help of our best Law of Supply assignment help. In this, we only write the topic-related information with 100% quality.

Law of Supply: Law of supply defines 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 for the product has been increased in the market and we are trying to get the quality product from them. This mainly defines producer behavior at the time of changes in the price and goods. When the product price will raise then the supply of the product will automatically increase to get the maximum profits.

Assumptions of the Law of Supply

  • Nature of Goods: We can say that if goods are consumable in nature and the seller cannot wait for the increase in the cost of the product. In this situation, the seller mainly puts the effort to sell the product at the same price because he will not take the risk to store the product.
  • Government Policies: To run a business, we have to follow each and every guideline given by the government because we are trying to find the best and quality product at the lowest cost. We can not make the changes in the products without giving any valid reason.
  • Alternative Products: There are several kinds of products are available in the market and we are selling the products according to the customer’s requirements. Every company management always tries to make the best chance in the products so that consumers get the quality benefit from this.

Law of Demand: The law of demand states that we never make changes in 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 the 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 the same.

Assumptions of the Law of Demand

  • No change in the 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 the population
  • No expectation regarding the future change in price

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