<span>The supply curve represents the lowest price at which a firm is willing to accept. The supply curve shows the lowest price the producer is willing to accept for a unit of their product. Producers need to make sure they aren't losing money but selling their products to wholesalers to then sell to the consumer. The producer needs to make a profit off of their product as well. This is where the supply curve comes in, it allows the firm to set the lowest price they can accept when they sell their units off. </span>
Data that are observed or collected directly from respondents are called primary data.
Explanation:
Primary data are data obtained directly from respondents via field survey. These data are usually collected through the use of questionnaires or interviews.
