41 When technology changes, Supply curve will
Shift
42 Does an increase in demand causes an effect on supply curve?
No
43 If price changes by 1% and supply changes by 2% then what is the case of supply?
Elastic
44 Supply curve touches Y axis when elasticity of supply is
Greater than One
45 In which case supply curve is flatter?
Long run
46 Rise in supply is actually when supply of a commodity increases
Without change in price
47 A shift in market supply curve to the right occurs when
A new technique makes it cheaper to produce the good
48 Equilibrium price fall when
Demanded decreases
49 There will be shortage of commodity when prices are
Below equilibrium level
50 Supply decreases and demand increases when equilibrium price rises but
Equilibrium quantity remains unchanged
