What is meant by change in supply?

When change (rise or fall) in supply is caused by changes in 'factors other than the price', it is merely called change in supply. Graphically it means shift of supply curve.
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Due to improvement of technology, marginal costs of production of televisions have gone down. How will it affect the supply curve of television?

The supply curve will shift to the right.
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What effect does a cost saving technological progress have on supply curve?

The supply curve will shift rightward.
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What is meant by change in quantity supplied?

When quantity supplied of a commodity changes (rises or falls) due to change in its own price, it is called change in quantity supplied. Graphically it means movement along a supply curve.
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What is meant by law of supply?


The law of supply states, 'Other things being constant, quantity supplied of a commodity is directly related to the price of commodity', i.e., supply rises when price rises and supply falls when price falls.
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