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Questions
What is meant by shift in supply?
What is meant by shift in supply curve (or change in supply)
Solution
The supply curve will shift upward to the left or downward to the right of the original curve. This type of change occurs when supply shifts owing to changes in factors other than the price of the same commodity, such as income, fashion, and so on. Thus, when supply declines owing to changes in these parameters, it is referred to as a decrease in supply, and when supply rises, it is referred to as an increase in supply.
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