Reading a Supply Curve in Two Different Ways
Horizontal Reading: At a price of $20 per barrel, suppliers are willing to sell 30 million barrels of oil per day.
Vertical Reading: To produce 30 million barrels of oil a day, suppliers must be paid at least $20 per barrel.
Horizontal Reading: At a price of $20 per barrel, suppliers are willing to sell 30 million barrels of oil per day.
Vertical Reading: To produce 30 million barrels of oil a day, suppliers must be paid at least $20 per barrel.