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2.3.4 Supply curve
It is a graphical representation of the supply schedule which explains the law of supply. The supply curve has a positive slope and it mores upwards to the right. Supply determinants The supply of a commodity is determined by many factors some of which are listed below: i) Price of the good which is to be supplied ii) Price of other goods iii) Prices of factors of production iv) Number of producers or sellers v) Entry of new firms vi) Technology vii) Government policy viii) Discovery of new raw materials |
Last modified: Monday, 26 December 2011, 9:56 AM