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Definitions:
Increase in Supply
Occurs when there is a rise in the quantity of a good or service available in the market, typically resulting from lower production costs or an improvement in technology.
Supply Curve
A graphical representation of the relationship between the price of a good or service and the quantity supplied.
Demand
The level of demand for goods or services that customers are prepared and can afford across a range of prices within a certain period.
Price Change
A fluctuation in the cost of a good or service in the market.
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