Question

Will supply curves have the same shape in all

markets? If not, how will they differ?

Short answer

The supply curve shows the relation between the price and quantity a seller is able or willing to supply.

Curve shape varies steeper, flatter, straight, or more curved.

Step-by-step solution

Step 1. Definition

Supply curve shows the relationship between price of a product and the quantity supplied of the product. Because of the direct relationship between price and quantity supplied, the supply curve would be an upward sloping line.

Step 2. Explanation

The shape of the supply curve is not the same in every market as it depends on theprice elasticity of supply.

For instance, crude oil is limited in quantity, in this case, the supply curve of natural resources will be steeper because production can be done under certain limits.

So, based on the elasticity, the supply curve would be steeper, flatter, a 45 degree line, or more curved.