Due to increase in income level people prefer to travel by air. With the help of demand and supply diagram mention the effect on price level
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Due to increase in income level people prefer to travel by air. With the help of demand and supply diagram mention the effect on price level
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An increase in supply, all other things unchanged, will cause the equilibrium price to fall; quantity demanded will increase. A decrease in supply will cause the equilibrium price to rise; quantity demanded will decrease.
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