A Supply Curve Can Be Thought of as

question 110

Multiple Choice

A supply curve can be thought of as

• A)a graphical display of "market potential." 
• B)a graphical representation of the information in a supply schedule.
• C)showing the maximum quantities that firms are able to produce.
• D)a forecasting tool.
• E)All of the above are correct.

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Definitions:

Labor

The human effort, either physical or mental, used in the production of goods and services.

Curves

In economics, curves are graphical representations that show the relationship between two variables, demonstrating how one variable changes in response to the other.

ATC

Average Total Cost; the sum of all production costs divided by the quantity of output produced, representing the cost per unit.

MC

An abbreviation often used for Marginal Cost, which represents the cost of producing one more unit of a good.