Asked by Madison Zurweller on May 04, 2024
Verified
The typical supply curve illustrates that:
A) other things equal,the quantity supplied for a good is inversely related to the price of a good.
B) other things equal,the supply of the good creates its own demand for the good.
C) other things equal,the quantity supplied for a good is positively related to the price of a good.
D) price and quantity supplied are unrelated.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity of that good that suppliers are willing to produce and sell.
Quantity Supplied
The amount of a good or service that producers are willing and able to sell at a specific price over a given period of time.
Price of a Good
The amount of money required to purchase a specified quantity of a product or service.
- Acquire an understanding of the theory behind demand and supply, including what determines them.
Verified Answer
VN
Vivanda NaoomMay 04, 2024
Final Answer :
C
Explanation :
The typical supply curve shows a positive relationship between the price of a good and the quantity supplied, meaning that as the price of a good increases, producers are willing to supply more of it.
Learning Objectives
- Acquire an understanding of the theory behind demand and supply, including what determines them.