MICROECONOMICS CH : 11 THEORY OF SUPPLY — Economics STD 11 Commerce — Question
CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 11 THEORY OF SUPPLY2 Marks
Question
How would you explain a situation when supply of a commodity increases without any increase in price of the commodity?
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Answer
When supply of a commodity increases without any increase in price of the commodity, it is known as the situation of increase in supply. Increase in supply occurs when quantity supplied increases due to determinants other than own price of the concerned commodity.
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