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Answer :
Final answer:
The relation between price and quantity supplied can be represented through a scatter diagram, showing how the quantity supplied changes as the price increases. This relationship is known as the law of supply.
Explanation:
The relation between price and quantity supplied can be represented through a scatter diagram. In this case, the price (in Rs.) is plotted on the vertical axis and the quantity supplied is plotted on the horizontal axis. Each point on the scatter diagram represents a combination of price and quantity supplied.
For example, at a price of Rs. 10, the quantity supplied is 25. At a price of Rs. 20, the quantity supplied is 50, and so on. As the price increases, the quantity supplied also increases. This positive relationship between price and quantity supplied is known as the law of supply.
The scatter diagram visually demonstrates how price affects the quantity supplied for a particular good or service.
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