1).contraction of supply is the result of
a).decrease in the number of producer b).decrease in the price of good concern, c). increase in the prices of other goods, d).decrease in the outlay of sellers.
2).a lower supply curve indicates
a). smaller supply, b). larger supply, c). constant supply, d). none.
Q.1
ans. - b
Q.2
ans. - a
why contraction of supply is the result of decrease in the price of good concern????????????
^^^ price is directly related to supply.
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