WAEC - Economics (2014 - No. 13)
Other things being equal, an increase in supply will lead to
a fall in price and an increase in quantity bought and sold
an increase in price and increase in quantity bought and sold
a fall in price and a fall in quantity bought and sold
an increase in quantity supplied and demanded only
Explanation
A change in supply will cause equilibrium price and output to change inopposite directions. a. An increase in supply will cause a reduction in the equilibrium price and an inase in the equilibrium quantity of a good.