Economic Glossary | Law of Supply | Bankers Algo
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Economic Glossary

    Law of Supply

The direct relationship between supply price and the quantity supplied, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity increases, then the quantity of the commodity that sellers are able and willing to sell in a given period of time, if other factors are held constant, also increases. This law, while not quite as iron-clad as the law of demand, is quite important to the study of markets


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Banker's Algo Daily Dose

Word of the day

Forfeit(n)

Meaning:

something given as sacrifice

Synonyms: cost, damages, fine, loss

Antonyms: gain, victory, win

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Question

If 2x + 3y + z = 55, x + z – y = 4 and y – x + z = 12, then what is the value of y?

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