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The market supply curve indicates the A
The market supply curve indicates the
A. minimum acceptable prices that sellers are willing to accept for the product.
B. maximum prices that buyers are willing and able to pay for the product.
C. total revenues that sellers would receive from selling various quantities of the product.
D. total amount that buyers will pay in buying a given quantity of the product.
Expert Solution
- The correct answer is A. minimum acceptable prices that sellers are willing to accept for the product.
The market supply curve is used to represent graphically the willingness of suppliers to offer a good or service at different prices. Usually, the supply curve is upward sloping. This means that at a higher price, suppliers are willing to offer a larger quantity of a product. The supply curve is also used, together with the demand curve, to find the market equilibrium. In conclusion, the correct answer is option A. In contrast, option B. is the definition of the market demand curve. Option C. is associated with the total revenue curve. Option D. defines a specific point in a demand curve of a product or service.
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