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In Each of the Following Three Statements, Find and Explain

Question 103

Essay

In each of the following three statements, find and explain the error in reasoning.
(i) If prices are expected to rise in the future, this will lead to a fall in quantity supplied at the present time.
(ii) A decrease in supply is the same as saying that there is a decrease in the quantity supplied for the product.
(iii) An increase in supply is the same as saying that there is an increase in the quantity supplied for the product.

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