Q: Other things remaining constant, the market supply for a good increases if: 1. its price increases. 2. price of its factors of production decreases. 3. price of other goods decreases. Select the correct answer using the code given below:
(a)1 and 2 only
(b)1 and 3 only
(c)2 and 3 only
(d)1, 2 and 3
Correct Answer: (a)
The correct answer is (a) '1 and 2 only'. Among the 3 statements given, this option correctly identifies which statements are accurate regarding General (Indian Economy).