Question

expension in supply vs increase in supply

Answer 1

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Extension In Supply ⬇️⬇️
⭕ Extension of supply refers to increase in quantity supplied due to an increase in own price of the commodity .

⭕ Extension of supply studied on the assumption that other determinants of supply (other than own price of the commodity ) are constant .

⭕ Extension of supply leads to upward movement along the supply curve from left to right .


Increases in Supply ⬇️⬇️
⭕ Increases in supply refers to increase in quantity supply even when own price of the commodity is constant .

⭕ Increase in supplystudied on the assumption that own price of the commodity is constant .

⭕ Increase in supply leads to forward shift in supply curve .

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