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Question
State with reason whether you agree or disagree with the following statements. (any Three)
Supply curve slope upward from left to right.
Solution
Yes I do agree with the statement that ‘Supply curve Slopes upward from left to right. This is because,
Supply curve is the graphical representation of a given supply schedule. It shows the variations in the quantity supplied in response to change in price. There exist an direct relationship between the quantity supplied and the price of a given commodity. The supply curve slopes upwards from left to right. It has positive slope.
The supply curve indicates sellers’ behaviour in response to change in price.
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