The supply curve is the graphical representation of the supply of a product. The supply of a product can be defined as the quantity of goods or services that a producer is willing to produce at a given time.
The supply schedule shows the quantity the producers are willing to supply at different prices. Its graphical representation is the supply curve.
The supply curve is an upward sloping curve indicating a positive relationship between the price level and the quantity supplied.
This is a situation arising from objective impossibility.
Explanation:
The contract was made for mint condition of car. The car damaged while it was with Frank. Thus, parties are thus discharged from their obligations under the contract.
