Question

The slope of the supply curve is measured by ______. 

Options

• `(Δ"Q")/(Δ"P")`

• `(Δ"P")/(Δ"Q")`

• ΔP − ΔQ

• ΔP + ΔQ

Answer 1

`(Δ"P")/(Δ"Q")`

Explanation:

From left to right, the supply curve is upward sloping. The slope of the supply curve is calculated as `("AY")/("AX")`, where the price is measured on the Y-axis and the quantity delivered is measured on the x-axis.

As a result, the supply curve's slope = `(Δ"P")/(Δ"Q")`