Each point of a firm's supply curve represents a price-quantity pair where:

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The supply curve represents the quantity of goods that a firm is willing to supply at different prices. At each point on this curve, the price at which the firm is willing to supply a particular quantity is equal to the marginal cost of producing that quantity, not the marginal revenue, average total cost, or average variable cost. This is because firms decide on the quantity to supply based on the principle that production should continue as long as the price (or revenue from the last unit sold) covers the marginal cost of producing one more unit.

Each Point of a Firm's Supply Curve Represents a Price-Quantity