Distinguish between the following:
Extension and Contraction of Supply
Extension (or Expansion) of Supply
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Contraction of Supply
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It implies that when the price of a good rises, holding other factors constant, the quantity supplied of the good rises.
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It implies that when the price of a good falls, holding other factors constant, the quantity supplied of the good falls.
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It is represented by an upward movement along the supply curve.
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It is represented by a downward movement along the supply curve.
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