ENTREPRENEURSHIP

Detailed explanation-1: -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-2: -The slope of the demand curve (downward to the right) indicates that a greater quantity will be demanded when the price is lower. On the other hand, the slope of the supply curve (upward to the right) tells us that as the price goes up, producers are willing to produce more goods.

Detailed explanation-3: -If the price of a good or service goes up, the supply for it will also go up, and if the price goes down, the supply of it will decrease. This is shown by the upward-sloping supply curve, which is a graph that illustrates the relationship between price and quantity supplied for a good or service.

Detailed explanation-4: -The upward slope of the supply curve illustrates the law of supply-that a higher price leads to a higher quantity supplied, and vice versa.