ECONOMICS (CBSE/UGC NET)

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ECONOMICS

SUPPLY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which best describes a supply curve?A. The quantity consumers would like to buy in an ideal worldB. The quantity producers are willing and able to sell at each and every price all other things unchangedC. The quantity producers are willing and able to sell at each and every income all other things unchangedD. The quantity producers are willing and able to sell at each and every point in time all other things unchanged
A
A
B
B
C
C
D
D
Explanation: 

Detailed explanation-1: -The supply curve is a graphic representation of the correlation between the cost of a good or service and the quantity supplied for a given period. In a typical illustration, the price will appear on the left vertical axis, while the quantity supplied will appear on the horizontal axis.

Detailed explanation-2: -Explanation: A new technique makes it cheaper to produce the good best explains a shift in market supply curve to the right. A rightward shift in the supply curve, say from a new production technology, leads to a lower equilibrium price and a greater quantity.

Detailed explanation-3: -A supply curve is a graph that shows the quantity supplied at each price. Sometimes the supply curve is called a supply schedule because it is a graphical representation of the supply schedule.

Detailed explanation-4: -The quantity demanded of a good or service is the quantity buyers are willing and able to buy at a particular price during a particular period, all other things unchanged.

There is 1 question to complete.
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