Question: II. Answer the following questions briefly. 1. Write the differences between individual supply schedule and Market Supply Schedule. 2. What is supply curve? Explain why

II. Answer the following questions briefly. 1. Write the differences between individual supply schedule and Market Supply Schedule. 2. What is supply curve? Explain why supply curve is upward rising? 3. List and explain all the factors affecting the supply. 4. Write the differences between extension in supply and contraction in supply. 5. Write the differences between increase in supply and decrease in supply. 6. What is income elasticity of demand? Explain the two types with an example 7. What is cross elasticity of demand? Explain the two types with an example

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