a shift in supply curve to the right will result in a

Assessment: WAEC SSCE - Economics - 1997 (Objective) Subject: Economics

Question 1 Report

a shift in supply curve to the right will result in a
Answer Details
When there is a shift in supply curve to the right, it indicates that the producers are willing to supply more goods at each given price level. As a result, the equilibrium quantity of the product will increase, leading to a fall in price and an increase in supply. This is because the producers are producing more goods and selling them at a lower price to remain competitive in the market. Therefore, the correct option is: a fall in price but an increase in supply.
Read lesson note on The Theory Of Supply (JAMB)
Read lesson note on Theory Of Production (WAEC)
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