When a supply curve is constructed, data are required for price and quantity.Each point on the supply curve is
A)supply of the product.
B)a quantity supplied at a given price.
C)the amount that people want to buy.
D)the amount people want to sell to buyers of different incomes.
E)All of these responses are correct.

Question

Quizplus · Accepted Answer

Each point on the supply curve represents a specific quantity supplied at a given price. Therefore, the data required to construct the supply curve are price and quantity supplied. The other options do not accurately describe what each point on the supply curve represents.

When a Supply Curve Is Constructed, Data Are Required for Price