Fisheries Economics

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