Which of the following best describes a supply curve?

• A. It represents the relationship between the price of a good and the quantity that consumers are willing to buy.
• B. It shows the relationship between the price of a good and the quantity of the good that producers are willing to sell.
• C. It shows the relationship between consumer income and the quantity of a good demanded.
• D. It illustrates the total cost of producing different quantities of a good.

Answer: (B)

Verified step by step guidance

1. Understand that a supply curve in microeconomics graphically represents how much of a good producers are willing to sell at different prices.
2. Recall that the supply curve typically has price on the vertical axis and quantity supplied on the horizontal axis.
3. Recognize that the supply curve slopes upward, indicating that as the price increases, producers are willing to supply more of the good.
4. Distinguish the supply curve from the demand curve, which shows the relationship between price and quantity demanded by consumers.
5. Note that the supply curve does not directly relate to consumer income or total production costs, but rather to the price-quantity supplied relationship.