Question

What are the reasons for the upward-sloping supply curve?

Answer 1

1. A supply curve represents the data given in the supply schedule. As the price of the commodity increases, the quantum supplied of the commodity also increases. Thus the supply curve has a positive slope from left to right.
2. The quantum supplied of commodity x is represented on X-axis. And the price of the commodity is represented on the Y-axis. The points such as a, b, c, d, and e on the supply curve SS’, represent various quantities at different prices.