HSC Science (Electronics) 12th Board ExamMaharashtra State Board
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Solution for Distinguish Between the Following.Extension of Supply and Contraction of Supply. - HSC Science (Electronics) 12th Board Exam - Economics

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Question

Distinguish between the following.

Extension of supply and contraction of supply. 

Solution

Extension of supply and contraction of supply. 

Extension of supply Contraction of Supply
Meaning
A rise in supply caused by rise in the price while other factors remaining constant is called expansion (extension) of supply.
A fall in supply caused by fall in price while other factors remaining constant is called contraction of supply.
Equilibrium Point:
In expansion in supply, the equilibrium point moves upwards from the left to the right on the same supply curve.
In contraction in supply, the equilibrium point moves downwards from the right to the left on the same supply curve.
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APPEARS IN

 2016-2017 (March) (with solutions)
Question 3.1.6 | 2.00 marks

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Solution Distinguish Between the Following.Extension of Supply and Contraction of Supply. Concept: Concept of Supply.
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