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Questions
What is contraction of supply?
What is meant by contraction of supply?
One Line Answer
Solution
When a fall in the own price of a commodity leads to a decrease in the quantity supplied of a commodity, it is called contraction of supply.
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Change in Quantity Supplied (Or Movements Along the Supply Curve)
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RELATED QUESTIONS
______ represents downward movement along the same supply curve.
What is an extension of supply?
Why does the quantity supplied increases with a rise in price? Give two reasons.
What is meant by movement along the supply curve (or change in quantity supplied)?
What causes an upward movement along the supply curve of a commodity?
