To Construct a Supply Curve, an Economist Needs Data on Price

question 308

Multiple Choice

To construct a supply curve, an economist needs data on price and quantity.Each point on the supply curve is

• A)supply of the product.
• B)a quantity supplied at that price.
• C)the amount that people want to buy.
• D)the amount people want to sell to buyers of different incomes.
• E)All of the above are correct.

---

Definitions:

Debit Card

A payment card that deducts money directly from a consumer's checking account to pay for a purchase, unlike a credit card, which borrows money from a line of credit.

Credit Card

A plastic card issued by banks or financial institutions that allows the holder to borrow funds to pay for goods and services with the promise to repay them, along with any agreed-upon charges, at a later date.

Regret

A feeling of sadness, repentance, or disappointment over something that has happened or been done.

Standard Deck

A pack of playing cards, typically comprising 52 cards in four suits, used in a variety of card games.