explain change in supply?? breifly in when we write in 5 marks ques in paper
Dear student,
Change in supply refer to situation when the suppliers of a given good or service changes production or output. A change in supply can be brought on by new technologies, making production more efficient and less expensive, or by a change in the number of competitors in the market.
A change in supply leads to a shift in the supply curve. If the change in supply increases supply, the supply curve shifts to the right, while a decrease in supply from a change in supply shifts the supply curve left.
Regards
Change in supply refer to situation when the suppliers of a given good or service changes production or output. A change in supply can be brought on by new technologies, making production more efficient and less expensive, or by a change in the number of competitors in the market.
A change in supply leads to a shift in the supply curve. If the change in supply increases supply, the supply curve shifts to the right, while a decrease in supply from a change in supply shifts the supply curve left.
Regards