Answers
Three causes of shift in supply are as
a. Change in number of firms
b. Change in cost of production
c. Change in technology
Three causes of shift in demand are as
a. Change in income
b.
Change in price of substitute goods
c. Change in preferences
An automobile industry for example where supply gets affected by change in price of petrol and demand is related with increase in standard of living or income of the consumers.
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