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Exceptions To The Law Of Supply (for UPSC CSE)

Lesson 9 of 13 • 1187 upvotes • 10:30mins

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Ayussh Sanghi

This lesson begins with the mention of factors that are exempted from adherence to the Law of Supply. It explains how the inverse relationship between the quantity supplied & the price is the opposite of that the Law of supply represents, hence this is an exception as it is against the law. The lesson analyses these exceptions from the seller's point of view, their expectations of future prices & their strategies as per the fluctuations. The other factors that the sellers' consider are weather, perishable commodities, fashionista, economic slowdown, modification in business, requirement of funds and lastly the supply of labor.

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Definition Of Economics (for UPSC CSE)

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