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1 May, 12:17

Select the correct answer.

What is a supply curve?

A. the relationship between the price of a commodity and the quantity demanded

B. the relationship between the price of a commodity and the quantity produced

C. the relationship between supply and demand at market equilibrium

D. the relationship between the consumer and the supplier

E. the relationship between the price of a commodity and the consumer

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Answers (1)
  1. 1 May, 12:29
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    B. the relationship between the price of a commodity and the quantity produced.

    Explanation:

    Supply curve shows a graphical representation between the price of a good sellers are willing to offer and the quantity they are willing to supply.

    There could be an inward or outward shift of a supply curve. An inward shift shows a decrease in the quantity supplied while an outward shift shows an increase in the quantity supplied.

    There is also a movement along the supply curve which occurs when there is a change in quantity supplied as a result of change in price. Factors that shift the supply curve either to the left or right are; technology, input prices, number of sellers etc.
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