ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -If there is an increase in supply for goods and services while demand remains the same, prices tend to fall to a lower equilibrium price and a higher equilibrium quantity of goods and services.

Detailed explanation-2: -With a rise in price, the tendency is to increase supply because there is now more profit to be earned. On the other hand, when prices fall, producers tend to decrease production due to the reduced economic opportunity for profit.

Detailed explanation-3: -an increase in supply means the supply curve has shifted to the right while an increase in the quantity supplied refers to a movement along a given supply curve in response to an increase in price. The supply is a line or curve that connects quantity supplied points at different prices.