What is the supply curve? a. It shows the relationship between price and income. b. It...
What is the supply curve?
| a. | It shows the relationship between price and income. | b. | It depicts the inverse relationship put into words in the law of supply. |
|---|---|---|---|
| c. | A downward-sloping line showing the relationship between price and supply | d. | A graphical representation of the relationship between price and quantity of the goods a seller will supply |
Which of the following is true of a change in quantity supplied?
| a. | It occurs when the supply curve shifts to the right. | b. | It occurs when the supply curve shifts to the left. |
|---|---|---|---|
| c. | It occurs when price increases. | d. | It occurs when supply increases. |
Homework Answers
Ques1: Option d is correct. Supply curve is a graphical representation of the relationship between price and quantity of the goods a seller will supply.
Ques2: Change in Quantity Supplied lead to movement along the supply curve. It happen when own price of a commodity changes keeping other factors affecting supply constant. Hence it happen when price changes.
Therefore, Option C is correct.
Add Answer to:
What is the supply curve?
a.
It shows the relationship between price and income.
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