Write a short note on Supply curve and factors affecting on it.
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The supply curve is a graphical representation of the correlation between the cost of a good or service and the quantity supplied for a given period. In a typical illustration, the price will appear on the left vertical axis, while the quantity supplied will appear on the horizontal axis.
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➡ SUPPLY AND DEMAND ELASTICITY. The demand for goods depends on the price for those goods, as well as on consumer income and on the prices of other goods. Similarly, supply depends on price, as well as on variables that affect production cost.
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