Difference between movement along the supply curve and shift in supply curve. |
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| Ans : Basis
Movement along the supply curve
Shift in supply curve
i. Meaning When there is change in quantity supply only because of change in price of it’s own commodity is known as movement along the supply curve. When there is change in quantity supply not because of price but because of some other reasons, it is known as shift in supply curve.
ii. Law of supply Quantity supply changes according to law of supply. Quantity supply doesn’t changes according to law of supply.
iii. Price There is change in price of it’s own commodity. The price of it’s own commodity remains constant.
iv. Change in supply Extension and contraction in supply. Rightward and leftward shift in supply.
v. diagram
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