Write short note on Change in supply.
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Heya friend here your answer. .... a change in a supply is economic term that describes when the suppliers of a given good or service alter production or output. a change in supply can occur as a result of new technologies such as more efficient or less expensive production processes or a change in the number of competitors in the market. a change in supply leads to shift in the supply curve which causes an imbalance in the market that is corrected by changing prices and demand . if supply increase the supply curve shift to the right............Hope it's help you
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Change in Supply can be explained as follows:
It refers to the increase or decrease in the production or output of the commodity by the supplier due to change in various factors other than own price of same commodity.
Various Factors that leads to change in supply are:
1. Technological Changes
2. Natural Reasons
3. Expectations of Sellers
4. Number of Sellers
5. Availability of Substitutes.
6. Fiscal Policy
Learn more about Supply:
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Question: Distinguish between 'change in supply' and 'change in quantity supplied'.
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