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What is the difference between the supply and the supply curve?
Supply is the quantities of commodities in a producer willing and able to offer for sale for a particular period of time while supply curve is the use of graphical method to show the relationship between the price and the quantity supply.
How do indifference curves for complementary goods illustrate the relationship between the quantities of two goods that are consumed together?
Indifference curves for complementary goods show that as the quantity of one good consumed increases, the quantity of the other good consumed also increases to maintain a certain level of satisfaction. This illustrates the interdependence between the quantities of two goods that are consumed together.
What is the relationship between the demand schedule and the demand curve in economics?
The demand schedule and the demand curve in economics both show the relationship between the price of a good or service and the quantity demanded by consumers. The demand schedule is a table that lists different prices and the corresponding quantities demanded, while the demand curve is a graphical representation of this relationship. The demand curve is derived from the demand schedule, with price on the vertical axis and quantity on the horizontal axis. Both the demand schedule and the demand curve illustrate how changes in price affect the quantity demanded, showing an inverse relationship between price and quantity demanded.
Does a supply curve show a direct or inverse relationship between price and quantity supplied?
Yes, it does.
What best explains the purpose of the supply schedule?
to show the relationship between quantity supplied and prices
