Which of the Following Is NOT True of a Supply

question 137

Multiple Choice

Which of the following is NOT true of a supply curve?

• A) It relates the price of an item to the quantity supplied of that item.
• B) It shows the amount producers are willing and able to produce at various prices,holding other factors constant.
• C) It has a positive slope.
• D) It shows that producers tend to produce more of a good as its price rises.
• E) It relates the price of an item to the demand for that item.

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Definitions:

Oligopoly

An oligopoly is a market structure characterized by a small number of firms whose decisions about production and pricing significantly affect competition.

Market Price

The current price at which an asset or service can be bought or sold, determined by supply and demand dynamics in a competitive market.

Small Number

A numerical value that is considered to be less than the expected or average size or amount.

Individual Producer

A single entity or person that creates goods or services to offer in a market.