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 is supplied at each price level and other factors, such as input costs and technology. The production function describes the maximum output that can be produced with a given set of inputs. The supply curve is a graphical representation of the supply function. The production possibilities curve shows the maximum output that can be produced with different combinations of inputs.

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