The Supply Curve Is A(n) _____ Line That Reflects the _____

question 108

Multiple Choice

The supply curve is a(n) _____ line that reflects the _____ relationship between price and quantity supplied.

• A) downward-sloping; inverse
• B) upward-sloping; inverse
• C) downward-sloping; direct
• D) upward-sloping; direct

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Definitions:

Consideration

A concept in contract law, referring to something of value exchanged between parties as part of an agreement.

Gratuitous Promise

A voluntary promise or agreement without consideration, where the promisor is not legally bound to fulfill the promise.

Common Law

A legal system based on judicial decisions and precedents rather than statutory laws, common in many English-speaking countries.

Consideration

Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.