Define the law of supply-keeping in view the law of supply

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Reference no: EM13815048

Define the Law of Supply? Keeping in view the Law of Supply, how the following factors will shift the supply curve? (Each answer must be supported by a neat diagram):

If costs of raw material increases in the plastics industry;

If new technology is introduced in the automobile manufacturing;

If OPEC decides to reduce oil prices in the Gulf Region;

If government introduces some new taxes in the construction sector.

Reference no: EM13815048

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