ICSE Class X Economics 2019 Solved Papers
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Question : 5 of 40
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Give two assumptions of the law of supply.
Solution:
Assumptions Underlying the Law of Supply :
(i) No change in the income : There should not be any change in the income of the purchaser or the seller.
(ii) No change in technique of production : There should not be any change in the technique of production. This is essential for the cost to remain unchanged.
(i) No change in the income : There should not be any change in the income of the purchaser or the seller.
(ii) No change in technique of production : There should not be any change in the technique of production. This is essential for the cost to remain unchanged.
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