The supply curve for any good is an upward-sloping function of
A) buyers' incomes.
B) sellers' profit margins.
C) its own price.
D) its price and its cost of production.
E) its price as well as buyers' incomes and tastes.

Question

Quizplus · Accepted Answer

The supply curve is based on the relationship between the price of a good and the quantity that producers are willing and able to supply. As the price of the good increases, producers are typically willing to supply a greater quantity, leading to an upward-sloping supply curve. Factors such as buyers' incomes and tastes, sellers' profit margins, and the cost of production may influence the quantity supplied at a given price, but they do not determine the basic shape of the supply curve.

The Supply Curve for Any Good Is an Upward-Sloping Function