Will the supply at a point on a positive sloped straight line
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A positively sloped supply curve can be in 2 cases .
Highly elastic or less elastic
Highly elastic supply refers to a situation where percentage change in qty. supplied is more than percentage change in price .
Less elastic supply refers to a situation where percentage change in qty. supplied is less than percentage change in price for a commodity .
In both the cases the supply is upward sloping and positive .
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