ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The law of supply states that there is a direct relationship between price and quantity supplied. In other words, when the price increases the quantity supplied also increases. This is represented by an upward sloping line from left to right.

Detailed explanation-2: -A supply curve is a graph that shows the quantity supplied at each price. Sometimes the supply curve is called a supply schedule because it is a graphical representation of the supply schedule.

Detailed explanation-3: -On most supply curves, as the price of a good increases, the quantity of goods supplied also increases. Supply curves can often show if a commodity will experience a price increase or decrease based on demand, and vice versa.

Detailed explanation-4: -Price is dependent on the interaction between demand and supply components of a market. Demand and supply represent the willingness of consumers and producers to engage in buying and selling. An exchange of a product takes place when buyers and sellers can agree upon a price.