Asked by Ashley Tucker on May 12, 2024
Verified
_____ illustrates a positive relationship between price and quantity.
A) A demand curve
B) A supply curve
C) A production possibility frontier
D) Equilibrium
Supply Curve
An illustration that depicts the connection between the cost of a commodity and the amount of the commodity that producers are prepared to offer.
Demand Curve
A graph showing the relationship between the quantity of a good that consumers are willing to buy and its price.
Positive Relationship
A relationship between two variables in which an increase in the value of one variable is associated with an increase in the value of the other variable. It is illustrated by a curve that slopes upward from left to right.
- Grasp the fundamentals of demand and supply and the elements that dictate their behavior.
Verified Answer
TC
Tomeka ChurchMay 17, 2024
Final Answer :
B
Explanation :
A supply curve typically illustrates a positive relationship between price and quantity, meaning that as the price increases, the quantity supplied also increases. This is because suppliers are more willing to produce and sell more of a good when its price rises, assuming other factors remain constant.
Learning Objectives
- Grasp the fundamentals of demand and supply and the elements that dictate their behavior.