Question

1. A supply curve is a graphical illustration of the relationship between quantity supplied and

A. demand.

B. quantity demanded.

C.price.

2.

Looking at the graph, if price was $2.20 per gallon and decreased to $1.60 per gallon, how does quantity supplied of gasoline change?

$2.20 $2.00 $1.80 Price ($ per gallon) $1.60 $1.40 ($2.20 per gallon, 720 million gallons) ($2.00 per gallon, 700 million gallons) (51.80 per gallon, 680 million gallons) ($1.60 per gallon, 640 million gallons) (51.40 per gallon, 600 million gallons) ($1.20 per gallon, 550 million gallons) ($1.00 per gallon, 500 million gallons) $1.20 $1.00 300 400 500 600 700 800 900 Quantity of Gasoline (millions of gallons)

A. 640 million gallons to 720 million gallons

B. 720 million gallons to 600 millions gallons

C. 720 million gallons to 640 million gallons

Answer 1

1) price

in supply curve graph, y=-axis show price and x-axis show quantity supplied

2) may be option b or option is correct, but for a proper answer please add graph  

but the explanation is that if price decreases supply decrease so maybe option b or option c is correct