The Difference Between a Supply Schedule and a Supply Curve

question 295

Multiple Choice

The difference between a supply schedule and a supply curve is that

• A)a supply schedule incorporates demand and a supply curve does not.
• B)a supply schedule incorporates prices of related goods and a supply curve does not.
• C)a supply schedule can shift, but a supply curve cannot shift.
• D)a supply schedule is a table and a supply curve is drawn on a graph.

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Definitions:

Product

An item offered for sale which can be a good, a service, or an idea.

Supply

The total quantity of a good or service that is available for purchase at various price levels in a given market.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level, at a given point in time.

Equilibrium Price

is the price at which the quantity demanded of a good equals the quantity supplied, leading to market balance.