Question

13. Explain briefly any three causes of increase and decrease in supply ​

Answer 1

Change in supply includes an increase or decrease in supply. It may be due to the change in the price of related goods, income, taste, and preference of consumers, etc.

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Answer 2

The most common reasons for increase and decrease in supply or changes in factors other than the price of the good.

Explanation:

1. An increase and decrease in the supply of a good are said to occur when the supply of a product increases or decreases due to change in factors other than the price of the commodity.
2. The most common causes of increase in supply of goods can be improvement in the technology, lower cost of production, and reduction in the availability of substitute goods.
3. Similarly, a decrease in supply can be due to the higher cost of production, changing preferences of the customers, and higher taxes on the production process.