Option for the following from the options provided 7 What are the ch – InterviewSolution

1.	Option for the following from the options provided 7 What are the changes that take place in supply due to decrease in the price of a commodity(C) Contraction(D) DecreaseWhat are the ch(A) Increase(B) Expansion
Answer» IncreaseExplanation:Hence, Equilibrium price increases and equilibrium quantity falls. Now we can conclude, DUE to a DECREASE in supply, there is an increase in equilibrium price. Resultantly quantity demanded ALSO decreases because the price has increased. THUS, the Supply curve will shift LEFTWARD.

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