Question

The "supply curve" as presented in class is?

1) A theory
2) An empirical regularity
3) A true statement
4) Will increase when there is an increase in demand

Answer 1

A supply curve is a relationship between quantity and price in economics. It represents the quantity of a product that suppliers are willing and able to produce at various prices.

Step-by-step explanation:

A supply curve is a relationship between quantity and price in economics. It represents the quantity of a product that suppliers are willing and able to produce at various prices. The shape of a supply curve generally slopes up from left to right, illustrating the law of supply: as the price rises, the quantity supplied increases, and vice versa.