Economy, asked by bomgeriba19, 4 months ago

1. Explain the effects of the following on supply of a commodity giving reasons:
i) Increase in price of substitute commodity.
ii) Decrease in subsidy by government

Answers

Answered by gauravgpt

Answer:

When demand exceeds supply, prices tend to rise. There is an inverse relationship between the supply and prices of goods and services when demand is unchanged. ... However, when demand increases and supply remains the same, the higher demand leads to a higher equilibrium price and vice versa

Explanation:

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