An increase in supply of a com modify ( the demand curve being constant) will generally lower the price and increase the quantity bought and sold. A decrease in supply has the opposite effects.
These two rules of supply and demand summarize the qualitative effects of shifts in supply and demand. But the quantitative effects on price and quantity depend upon the exact shapes of the supply and demand curves. In the cases that follow, we will see the response for a number of important cost and supply situations.
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