A point on the supply curve can illustrate the
A) price and the corresponding quantity supplied.
B) marginal cost of that unit of the good.
C) price the consumer is willing to pay.
D) Both answers A and B are correct.
E) Both answers A and C are correct.

Question

Quizplus · Accepted Answer

A point on the supply curve shows the price at which a seller is willing to sell a particular quantity of a good, and also the marginal cost of that unit produced. Therefore, both options A and B are correct. Option C is not correct, because the supply curve is not related to the price the consumer is willing to pay, but rather the price at which the seller is willing to sell the good.

A Point on the Supply Curve Can Illustrate the