Question

what would be the effect on equilibrium price of a commodity when it's supply falls, keeping the demand same?​

Answer 1

Answer:

When supply increases it leads to fall in equilibrium price and rise in quantity, on the other hand, when supply decreases, supply curve will shift to the left, causing rise in price and fall in quantity.

Answer 2

Answer:

When supply increases it leads to fall in equilibrium price and rise in quantity, on the other hand, when supply decreases, supply curve will shift to the left, causing rise in price and fall in quantity.