What term describes the graphical representation of the relationship between different prices and the amount of goods sellers will offer for sale?

Study for the UofT MGT100 Fundamentals of Management Exam. Practice with quizzes and detailed study materials to excel. Prepare with clear explanations and valuable tips to ace your exam!

The term that accurately describes the graphical representation of the relationship between different prices and the amount of goods that sellers are willing to offer for sale is the supply curve. The supply curve illustrates how much of a good or service producers are willing to sell at various prices, typically showing that as the price increases, the quantity supplied also increases. This relationship reflects the behavior of sellers in response to changing market prices.

In economics, the supply curve is typically upward sloping, indicating that higher prices incentivize producers to supply more of a good or service to the market because it becomes more profitable to do so. Understanding this concept is fundamental for analyzing market dynamics, as it helps visualize how supply interacts with other market forces, such as demand. This graphical representation is crucial in determining how changes in price affect supply levels, which is a foundational element of market theory.

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