ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It is totally horizontal (flat)
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It is completely vertical (straight up & down)
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It looks like the upslope of a mountain
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It looks like the downslope of a mountain
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Detailed explanation-1: -The supply curve normally rises from left to right. This is because the increase in the supply of a product results in an increase in the product’s price. On the other hand, the decrease in the product price leads to a reduction in supply. Therefore, it is correct to argue that the correct answer is option b.
Detailed explanation-2: -The supply curve is upward sloping to show that the suppliers increase their supply of a good when the price increases and vice versa. A market supply curve is derived by horizontally adding up the individual supply curves of a good.
Detailed explanation-3: -A supply curve is a graph that shows how a change in the price of a good or service affects the quantity a seller supplies. Price is listed on the vertical y-axis, while quantity supplied is listed on the horizontal x-axis.