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Fill in the Blank with Appropriate Alternative Given Below When the Price Rises, There is __________ of Supply. - Economics

MCQ

Fill in the blank with appropriate alternative given below

When the price rises, there is __________ of supply.

Options

  • extension

  • contraction

  • decrease

  • increase

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Solution

When the price rises, there is extension of supply.

Explanation:
When supply rises as a result of rise in price, it is known as extension in supply. Graphically, it is represented by an upward movement along the supply curve.

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Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 5 Producer's Behaviour
Exercise | Q 1.2 | Page 44
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