A change in supply implies a

Assessment: WAEC SSCE - Economics - 1992 (Objective) Subject: Economics

Question 1 Report

A change in supply implies a
Answer Details
A change in supply implies a shift in the supply curve, either to the left or to the right. When supply increases, the curve shifts to the right, indicating that more of the product is being produced and supplied at every price level. On the other hand, when supply decreases, the curve shifts to the left, indicating that less of the product is being produced and supplied at every price level. A change in supply does not result in a movement along the supply curve, nor does it affect the price and quantity supplied directly. However, it can indirectly affect the price and quantity supplied by influencing the equilibrium point where supply and demand intersect.

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