Which of the Following Directions Describe the Slope of the Supply

question 43

Multiple Choice

Which of the following directions describe the slope of the supply curve?

• A) downward and to the left
• B) upward and to the right
• C) horizontal
• D) downward and to the right

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Definitions:

Price Elasticity

A measure of how much the demand for a product or service changes in response to a change in its price.

Demand

The desire for a particular product or service coupled with the ability and willingness to pay for it.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified time period.

Total Revenue

The entire amount of income generated by the sale of goods or services before any expenses are subtracted.