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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Due to improvement of technology, marginal costs of production of televisions have gone down. How will it affect the supply curve of television?
What is meant by change in supply?
What is meant by change in quantity supplied?
What effect does a cost saving technological progress have on supply curve?
