Question

A graphical representation of the relationship between the price of a good, service, or resource and the quantities producers are willing and able to supply is known as the supply ________?

1) curve
2) schedule
3) equilibrium
4) demand

Answer 1

The correct answer to the question provided by the student is 'supply curve' which graphically represents the relationship between price and quantity supplied for a good or service.

Step-by-step explanation:

The graphical representation of the relationship between the price of a good, service, or resource and the quantities producers are willing and able to supply is known as the supply curve. The supply curve is a line on a graph that demonstrates how the quantity supplied of a good or service changes in response to changes in price, with the quantity supplied plotted on the horizontal axis and price on the vertical axis. This representation illustrates the principle of supply, indicating that typically, higher prices lead to higher quantities supplied. In contrast, a supply schedule is a table that lists the quantity of goods or services that would be supplied at various prices, without the graphical element of a curve.