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When some goods or productive factors are completely fixed in amount,

June 1, 2025 by rawan239

When some goods or productive factors are completely fixed in amount, regardless of price, the supply curve is

horizontal

downward sloping to the right

vertical

upward sloping to the right

This question was previously asked in

UPSC CDS-1 – 2019

Download PDF Attempt Online

When the amount of a good or factor is completely fixed regardless of price, the quantity supplied does not change as the price changes. This results in a vertical supply curve.

A supply curve shows the relationship between the price of a good and the quantity supplied at that price. If the quantity supplied is constant irrespective of the price level, the supply curve will be perfectly inelastic.

A vertical supply curve indicates that the quantity supplied remains the same regardless of any change in price. This is characteristic of goods or factors that are fixed in supply, such as unique pieces of art, limited historical artifacts, or factors of production like land in a specific location, at least in the short run. A horizontal supply curve indicates perfectly elastic supply, a downward sloping curve is typically a demand curve, and an upward sloping curve is the usual representation of a supply curve for most goods where quantity supplied increases with price.

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