what is the nature and shape of supply curve
Answer (1)
4th Nov, 2019
The supply curve is a graphic representation of the correlation between the cost of a good or service and the quantity supplied for a given period. In a typical illustration, the price will appear on the left vertical axis, while the quantity supplied will appear on the horizontal axis. The supply curve slopes upward, reflecting the higher price needed to cover the higher marginal cost of production.
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