ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In most cases, the supply curve is drawn as a slope rising upward from left to right, since product price and quantity supplied are directly related (i.e., as the price of a commodity increases in the market, the amount supplied increases).

Detailed explanation-2: -The supply curve will move upward from left to right, which expresses the law of supply: As the price of a given commodity increases, the quantity supplied increases (all else being equal).

Detailed explanation-3: - Understanding the Supply Curve The supply curve slopes upward because as a product’s price rises, the business would tend to be more willing to make it. Also, since businesses are efficient and would exhaust the cheapest production inputs first, the cost of production tends to rise as output increases.

Detailed explanation-4: -A leftward shift of the supply curve is a representation of the decrease in the quantity of a product/service supplied at every given price.

Detailed explanation-5: -The slope of a typical demand curve moves downwards from left to right. This slope indicates that as price increases, demand falls, thus confirming the law of demand. On the other hand, a supply curve exhibits how the number of goods supplied depends on the market price.