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Economics explained
Category:
Demand and supply
Movement along the supply curve
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A change in the price of a good or service causes a movement along the supply curve.
A price rise will cause an increase (expansion) in the quantity supplied of a product
A price rise from P2 to P3 causes the quantity supplied to expand from Q2 to Q3.
A price fall will cause a decrease (contraction) in the quantity supplied
A fall in price from P2 to P1 will cause quantity supplied to contract from Q2 to Q1.
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