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Question
The given supply schedule represents ______.
| Price (₹) | 20 | 20 |
| Supply (Units) | 100 | 120 |
Options
Expansion in supply
Increase in supply
Contraction in supply
Decrease in supply
Solution
The given supply schedule represents increase in supply.
Explanation:
Increase in supply occurs when the quantity supplied increases at the same price level. In the given supply schedule, the price remains constant at ₹20, but the quantity supplied increases from 100 units to 120 units. This indicates that there has been an increase in supply, which is typically represented by a rightward shift of the supply curve.
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RELATED QUESTIONS
Derive the market supply from the market supply schedule of two firms A and B.
| Price | Firm A | Firm B | Ms |
| 2 | 10 | 7 | ? |
| 3 | 12 | 8 | ? |
| 4 | 14 | 9 | ? |
| 5 | 16 | 11 | ? |
| 6 | 18 | 13 | ? |
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| 10 | 0 | 25 | 10 | 35 |
| 20 | 10 | 30 | (ii) | 60 |
| 30 | (i) | 35 | 25 | 80 |
| 40 | 30 | 40 | 40 | (iii) |
| 50 | 40 | 45 | 50 | 135 |
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| Price (₹) | Quantity Supplied | ||
| By A | By B | Market | |
| 4 | 10,000 | 6,000 | (ii) ______ |
| 5 | 12,000 | 10,000 | 22,000 |
| 6 | 15,000 | (i) ______ | 30,000 |
| 7 | 18,000 | 20,000 | 38,000 |
| 8 | 20,000 | 25,000 | 45,000 |
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| 2 | 10 | 7 |
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| Price (₹ per unit): | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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