To construct a supply curve, an economist needs data on price and quantity.Each point on the supply curve is
A)supply of the product.
B)a quantity supplied at that price.
C)the amount that people want to buy.
D)the amount people want to sell to buyers of different incomes.
E)All of the above are correct.

Question

Quizplus · Accepted Answer

Each point on the supply curve represents a specific quantity that producers are willing to supply at a given price. Therefore, option B is the correct choice. Option A is incorrect since it refers to the overall supply of the product, not a specific quantity at a given price. Option C is incorrect since it refers to the demand for the product, not the supply. Option D is incorrect since it introduces the concept of buyers' incomes, which is not relevant to the construction of a supply curve.

To Construct a Supply Curve, an Economist Needs Data on Price