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Which of the following best explains the purpose of a supply curve?

  • Question 1b of 10 - Supply and demand

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following best explains the purpose of a supply curve?
  • Answers:
  1. To indicate how much profit producers make from each level of supply.
  2. To graph the relationship between quantity supplied and price charged.
  3. To show when the amount supplied intersects with the amount demanded.
  4. To track the progress of production from raw materials to finished product.

The correct answer is: To graph the relationship between quantity supplied and price charged. A supply curve graphically demonstrates the different levels that producers are willing to supply at various prices.

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