State with reasons whether you agree or disagree with the following statement (any three): Supply curve slopes upward from left to right.

Answer: I agree with the statement.

Reasons:

1. Law of supply: Other things remaining constant, quantity supplied increases with a rise in price and falls with a fall in price.
2. Direct relationship: Since price and supply move in the same direction, the curve rises from left to right (positive slope).
3. Profit motive: A higher price raises profit, encouraging existing producers to produce more.
4. Entry of new firms: Higher prices attract new firms, increasing supply.
5. Rising costs: Producing more raises marginal cost, which is covered only at a higher price.

Exceptions such as labour supply (backward-bending curve) are not considered here.