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Question
What do you understand by shifts of the supply curve?
Solution
When the supply changes due to change in any factor other than the own price of the commodity, it is called change in supply. Graphically, it is called shift of supply curve.
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RELATED QUESTIONS
Due to installation of a machine with latest technology, the cost of production has decreased. It will lead to ______.
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Match the following and select the correct option.
| Column I | Column II |
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| (ii) Decrease in supply | (B) Fall in prices |
| (iii) Contraction of supply | (C) Prices are expected to rise in future |
| (iv) Increase in supply | (D) Rise in prices |
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