Asked by Peter Mauno on Mar 10, 2024
Verified
If we go from point J on supply curve S1 to point K on supply curve S2,then we may conclude that there was
A) an increase in quantity supplied.
B) a decrease in quantity supplied.
C) an increase in supply.
D) a decrease in supply.
Supply Curve
A graphical representation showing the relationship between the quantity of a good supplied and its price.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a given price level in a market.
Increase in Supply
A situation where the quantity of a good or service that producers are willing to sell at a given price rises.
- Differentiate between changes in position along a curve and the curve's lateral transitions.
Verified Answer
JS
Joselyn SolanoMar 10, 2024
Final Answer :
C
Explanation :
Moving from point J on supply curve S1 to point K on supply curve S2 indicates an increase in supply, as more quantity is being supplied at the same price.
Learning Objectives
- Differentiate between changes in position along a curve and the curve's lateral transitions.