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The law of supply is that producers will supply more the higher the price of the commodity.  The supply curve is an upward sloping function showing a direct relationship among prices and the quantity supplied.  In other words, the supply curve has a positive slope that represents that as price increase (reduces) so too does quantity supplied.

 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9621348

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