Which of the following statements describes a supply curve?
a. A supply curve is a graphic illustration of the relationship between supply, shown on the vertical axis, and demand, shown on the horizontal axis.
b. A supply curve is a graphic illustration of the relationship between price, shown on the horizontal axis, and quantity, shown on the vertical axis.
c. A supply curve shows the same information as a supply schedule.
d. A supply curve shows the same information as a demand schedule.
c. A supply curve shows the same information as a supply schedule.
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How does aggregate demand curve (AD) differ from an individual demand curve (D)?
A) AD is generally vertical while D is usually downward sloping. B) D represents the price-quantity relationship for a single good or service while AD looks at the entire economic system. C) AD is generally a downward sloping curve while D usually slopes upward. D) Look for D in macroeconomic analyses and for AD in microeconomics.
The value of the U.S. dollar bill is determined by
A) the quantity of gold in Fort Knox. B) the quantity of gold in the Federal Reserve. C) the quantity of gold in circulation. D) the gold futures market. E) none of the above.