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Which of the following best describes the concept of supply in microeconomics?
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3. Supply and Demand
The Basics of Supply
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When drawing a supply curve, what is labeled on the vertical axis?
A
Marginal cost
B
Total revenue
C
Price
D
Quantity supplied
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Understand that a supply curve in microeconomics shows the relationship between the price of a good and the quantity of that good that producers are willing to supply.
Recall that the vertical axis on a supply curve graph represents the price level of the good or service.
Recognize that the horizontal axis represents the quantity supplied by producers at each price level.
Note that marginal cost is related to the supply decision but is not directly labeled on the vertical axis; instead, it helps determine the shape of the supply curve.
Therefore, when drawing a supply curve, the vertical axis is labeled as Price, reflecting how price influences quantity supplied.
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