In Drawing a Supply Curve, the Labels for the Axes

question 193

Multiple Choice

In drawing a supply curve, the labels for the axes are

• A)price (on the vertical axis)and quantity (on the horizontal axis).
• B)price (on the vertical axis)and quantity per unit of time (on the horizontal axis).
• C)price (on the horizontal axis)and quantity (on the vertical axis).
• D)price (on the horizontal axis)and quantity per unit of time (on the vertical axis).

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Definitions:

Compounded Monthly

A process where interest earned is added to the principal, so that from that moment on, interest is earned on interest, recalculated on a monthly basis.

Monthly Payment

Regular payments made over a period of time, typically used in the context of loan repayments.

Borrow

The act of obtaining funds from another party, typically a financial institution, with a promise to repay the principal amount along with interest over a specified period.

Compounded Monthly

A method where interest earned is added to the principal amount on a monthly basis, and future interest is calculated on the new total.