The Relationship Between Price and Quantity Supplied Is

question 119

Multiple Choice

The relationship between price and quantity supplied is:

• A)positive or direct
• B)negative or inverse
• C)non-existent
• D)the same as the relationship between price and quantity demanded

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of consumers increases.

Demand Curve

A diagram that shows how the quantity of a product demanded by buyers changes according to its price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at various prices.

Substitute Good

A product or service that consumers can use in place of another to satisfy similar needs or desires, affecting demand as prices change.