Question

A ________ of an individual supplier is an algebraic form of expressing his behaviour with regard to what he offers in market at the prevailing prices.

• A. supply schedule
• B. supply function
• C. supply curve
• D. any of the above

Answer 1

The correct option is B supply function

solution:

Supply Function: A supply function of an individual supplier is an algebraic form of expressing his behaviour with regard to what he offers in market at the prevailing prices. In it, the quantity supplied per period of time is expressed as a function of several variables.

Supply Schedule: A supply schedule is a tabular statement that shows different quantities or services that are offered by the firm or producer in the market for sale at different prices at a given time. It describes the relationship between quantities supplied of a good in response to its price per unit, while all non-price variables remain unchanged

Supply Curve: The supply curve is a graphical representation of the information given in supply schedule. The higher the price of the commodity or product, the greater will be the quantity of supply offered by the producer for sale and vice versa, other things remains constant.

hence the corrrect option: B