An increase in supply means that quantity supplied rises

Question

Quizplus · Accepted Answer

An increase in supply means that producers are willing and able to produce and sell a larger quantity of a good or service. This usually happens because of lower production costs, improved technology, or an increase in the number of producers. As a result, the supply curve shifts to the right, indicating that at any given price, there is now a larger quantity supplied. Therefore, an increase in supply affects all prices and results in a shift of the entire supply curve.

An Increase in Supply Means That Quantity Supplied Rises