Distinguish between Contraction of Supply and Decrease in Supply
|Contraction of Supply||Decrease in Supply|
|Contraction of supply refers to a fall in the quantity supplied, due to a fall in the price of a commodity, other factors remaining constant.||Decrease in supply refers to a fall in the supply of a given commodity due to unfavourable changes in other factors.|
|It is shown by a downward movement on the same supply curve.||It is shown by a shift in the supply curve from right to left.|
Concept: Exceptions to the Law of Supply
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