Decrease in the supply of goods and services occurs, when the trade unions resort to strikes and lockouts and thereby the industrial production

Falls

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Grows

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Remains Constant

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None of the Above

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Solution

The correct option is A
Falls

Trade unions resort to strikes and lockouts to demand an increase in the wage rate which increases the cost of production. This leads to a fall in the industrial production.

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Similar questions

Q. Inflation occurs when supply of money is the availability of goods and services in an economy.

(I) Deflation is a decrease in the general price level of goods and services. It occurs when the inflation rate falls below 0%.

(II) Disinflation is the same phenomenon as deflation.

Q. What are the causes of decrease in supply of goods and services?

Q. Inflation occurs when the supply of money is than the availability of good and services in an economy.

When supply of a good or service increases, the equilibrium price of the good or service falls and the equilibrium quantity of the good or service rises.

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Decrease in the supply of goods and services occurs, when the trade unions resort to strikes and lockouts and thereby the industrial production

The correct option is A Falls Trade unions resort to strikes and lockouts to demand an increase in the wage rate which increases the cost of production. This leads to a fall in the industrial production.

The correct option is A
Falls

Trade unions resort to strikes and lockouts to demand an increase in the wage rate which increases the cost of production. This leads to a fall in the industrial production.