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When firms in a market expect the price of their product to rise, the supply curve of their good rise upward from left to right.
The supply curve depicts the relationship between the cost of a good or service and the quantity supplied over a given time period. The supply curve will rise from left to right, expressing the law of supply: as the price of a given commodity rises, so will the quantity supplied (all else being equal).
Some features of supply curve are as follows:
- On most supply curves, as the price of a good rises, so does the quantity of goods supplied.
- Supply curves can often predict whether a commodity's price will rise or fall in response to demand, and vice versa.
- For products with more elastic supply, the supply curve is shallower (closer to horizontal) and steeper (closer to vertical) for products with less elastic supply.
- The supply and demand curves are essential components of the law of supply and demand.
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