A Supply Curve

question 46

Multiple Choice

A supply curve

• A)is a table that shows the relationship between the price of a product and the quantity of the product supplied.
• B)is a curve that shows the relationship between the price of a product and the quantity of the product supplied.
• C)is the relationship between the supply of a good and the cost of producing the good.
• D)is a curve that shows the relationship between the price of a product and the quantity of the product that producers and consumers are willing to exchange.

---

Definitions:

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It necessitates the need for prioritization and choice.

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their wants and needs.

Production

The process of creating, manufacturing, or enhancing goods and services, involving the combination of resources like labor and raw materials.

Production Possibilities Frontier

The Production Possibilities Frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.