Question

When the price rises, there is _________ of supply. (extension / contraction / decrease / increase), Fill in the blank with appropriate alternative given in the bracket.

Answer 1

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here's your answer

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When the price rises the is decrease in the supply.

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Answer 2

When the price rises, there is an extension of supply.

Explanation:

• The term extension and contraction in supply are used for changes in quantity supplied as a result of small changes in the rate of a commodity.
• When the rise in the rate of a commodity brings about an increase in the quantity provided by the commodity, other elements determining supply remains constant, which is called extension in supply.
• On the other hand, when the cost of a commodity comes down and as a result, the quantity provided also decreases, sheepishness in supply is said to have happened, while other factors being 'held constant.'

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