... much of a product consumers are prepared to buy. Determinants such as tastes, distribution of income and expectations of future price changes. Similar to a demand curve, a supply curve is a diagrammatic representation of its relationship with price. A supply curve may be that of the market, or of the firm. The law of supply states that there is a direct relationship between price and quantity supplied, under competitive conditions. The law of supply (and for demand) is made under the assumption of 'ceteris paribus', whereby all other variable factors other than the one being scrutinised remain constant. Market price, input prices, technology, expectations and the number of producers in that particular market determine the amount of a product that a producer is willing to sell. According to the law of supply, a supply curve can be represented in this way: Not all supply curves are upward sloping like the ...

See this essay or coursework document in full right now