A product's ______ describes the amount of the product that is supplied for each possible combination of its price and other factors.
A) production function
B) supply curve
C) supply function
D) production possibilities curve

Question

Quizplus · Accepted Answer

The supply function describes the amount of a product that a producer is willing to supply at each price point, taking into account other factors such as input costs, technology, and market conditions. The production function relates a firm's inputs to its output, the supply curve shows the relationship between price and quantity supplied holding other factors constant, and the production possibilities curve shows the various combinations of two goods that can be produced given a fixed amount of resources.

A Product's ______ Describes the Amount of the Product That