PRODUCER’S BEHAVIOUR AND SUPPLY
Meaning of supply
Supply means the quantity of a commodity which a firm or an industry is willing to produce at a particular price, during a given time period.

Law of supply

This law states that 'other things remaining the same', an increase in the price of a commodity leads to an increase in its quantity supplied. Thus, more of a commodity is supplied at higher prices than at lower prices.

This law can be explained with the help of a supply schedule and curve.

UNIT 10

Merits and demerits of fixed and flexible foreign exchange rates.

Merits of fixed exchange rate:

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