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| 1. |
What is meant by change in supply and charge in supply and change in quantity supplied? |
| Answer» <html><body><p></p>Solution :(i) Change in quantity <a href="https://interviewquestions.tuteehub.com/tag/supplied-3090548" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLIED">SUPPLIED</a> menas when more is supplied at a higher price (extension) and when less is supplied at a lower price (contraction), other things being equal. Here supply responds to change in the price of the commodity only as other <a href="https://interviewquestions.tuteehub.com/tag/factors-458933" style="font-weight:bold;" target="_blank" title="Click to know more about FACTORS">FACTORS</a> affecting supply are assumed to be <a href="https://interviewquestions.tuteehub.com/tag/constant-930172" style="font-weight:bold;" target="_blank" title="Click to know more about CONSTANT">CONSTANT</a>. It is represented by upward or <a href="https://interviewquestions.tuteehub.com/tag/downward-2061463" style="font-weight:bold;" target="_blank" title="Click to know more about DOWNWARD">DOWNWARD</a> movement along the supply curve. <a href="https://interviewquestions.tuteehub.com/tag/law-184" style="font-weight:bold;" target="_blank" title="Click to know more about LAW">LAW</a> of supply is applicable here.</body></html> | |