Question

Any point on the supply curve corresponds to a certain ______, which can be read on the horizontal axis, and ______, which can be read on the vertical axis.

Answer 1

A point on the supply curve represents a specific quantity on the horizontal axis and a specific price on the vertical axis.

Step-by-step explanation:

Any point on the supply curve corresponds to a certain quantity, which can be read on the horizontal axis, and price, which can be read on the vertical axis. The horizontal axis typically represents various measures of quantity, such as how many units of a good or service are available, the amount of labor supplied for a particular job, or the volume of financial capital. Conversely, the vertical axis indicates the measure of price, for instance, the price point of a good or service, the wage level in the labor market, or the rate of return in financial markets, like the interest rate.