What are the supply schedule and the supply curve and how are they related ? Why does the
supply curve slopes upward ?
Answer.
A supply schedule refers to a table showing the quantities and price of each product that is supplied whereas a a supply curve refers to a graph which indicate the the quantity supplied at each price. They relate to each other in a way that one is a tabular representation as the other is a graphical representation of quantities supplied at each price.
The supply curve is always slipping upwards as a result of reflecting the producers willingness to sell the commodities they produce with higher prices.
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