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Question

A fall in the quantity supplied due to a fall in price would indicate


  1. Expansion of supply

  2. Contraction of supply

  3. Zero supply

  4. Constant supply


Solution

The correct option is B

Contraction of supply


Other things being equal, when the supply of a commodity falls as a result of a fall in its price, it is called contraction of supply or decrease in the quantity supplied.

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