What is the law of supply and demand?
संक्षिप्त उत्तर
The law of demand says that as the price of a good rises, the quantity demanded falls. The law of supply says that as the price rises, the quantity supplied rises. The market settles at the equilibrium price, where the quantity demanded equals the quantity supplied.
स्टेप-बाय-स्टेप
- Draw a demand curve sloping down from left to right and a supply curve sloping up.
- Mark the equilibrium where they cross: price P₁ and quantity Q₁.
- A change in price causes a movement along a curve.
- A change in another factor shifts the whole curve: income or tastes shift demand; costs or technology shift supply.
- Find the new equilibrium and explain how price and quantity changed.
हल किया गया उदाहरण
A drought reduces the coffee harvest
- Supply falls, so the supply curve shifts left
- At the old price there is now a shortage
- The price rises and the quantity traded falls
आम गलतियाँ
- Saying a rise in price shifts the demand curve. A price change is a movement along the curve.
- Labelling axes the wrong way round: price goes on the vertical axis, quantity on the horizontal axis.
- Describing the diagram without explaining why the change happened.
परीक्षा से पहले कमियाँ दूर करने का सबसे तेज़ तरीका है ट्यूटर के साथ वन-टू-वन क्लास। पहली क्लास मुफ़्त है।
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