The link between a seller's quantity supplied and the market price is called the supply ______.Multiple choice question.mechanismpipelineschedule
Question
The link between a seller's quantity supplied and the market price is called the supply ______.
- Multiple choice question.
- mechanism
- pipelines
- schedule
Solution
The correct answer to the question is "schedule."
Explanation:
The supply schedule is a table that shows the relationship between the price of a good or service and the quantity supplied by sellers. It illustrates how much of a good or service a supplier will offer for sale at various prices, highlighting that as prices increase, sellers are generally willing to supply more of the product. This relationship is a fundamental concept in economics and is crucial for understanding market dynamics, including how shifts in market prices can impact the overall supply of goods in the market. The other options, "mechanism" and "pipelines," do not correctly describe this relationship in economic terms. Thus, among the choices given, "schedule" accurately refers to the quantitative relationship between market price and quantity supplied.
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