Suppose there is currently a surplus of wheat on the world market. the problem of excess supply may be removed from the market by: lowering the market price and shifting the supply curve leftward.
A supply curve is defined as the graphic representation of the relationship between product price and the quantity of the product that the particular seller wants to supply.
On the other hand, the market price of the goods and services is the price which is prevailing in the market.
Changes in production cost and related factors can cause an entire supply curve to shift right or left. This causes a higher or lower quantity to be supplied at a given price.
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