Firm's supply curve shows its supply function.' Defend or refute … - Vidyadip

Question

Firm's supply curve shows its supply function.' Defend or refute the given statement.

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Answer

The given statement is true. Firm's supply curve (showing the relation between quantity sold of a commodity and its price) is its supply function on the assumption that other determinants of supply (other than own price of the commodity) remain constant.

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