In the context of fundamental principles of a free market system, which of the following statements is true of a supply curve?
A) It shows the relationship between price and quantity from a supplier standpoint.
B) For most goods and services, it forms a sinusoidal curve.
C) It shows the relationship between supply and quantity from a buyer standpoint.
D) For most goods and services, it slopes downward as it moves to the right.

Question

Quizplus · Accepted Answer

A supply curve shows the relationship between the price of a good or service and the quantity supplied from the supplier's standpoint, typically sloping upward as price increases.

In the Context of Fundamental Principles of a Free Market