Assertion:When the information described in the supply schedule is represented on a graph, it is called as Supply Curve.

Reasoning: A firm’s ‘supply’ is the quantity that it chooses to sell at a given price, given technology, and given the prices of factors of production.

Both Assertion (A) and reasoning (R) are correct and but R is not the correct explanation of A.

The correct answer is Option 2: Both Assertion (A) and reasoning (R) are correct and but R is not the correct explanation of A.

• Assertion (A): True.

  • A supply schedule is a table that shows the quantity of a good a firm is willing to supply at different prices.
  • When this information is plotted on a graph, it forms the supply curve, which shows the relationship between price and quantity supplied.

• Reasoning (R): True, but it does not explain A.

  • A firm’s supply refers to the quantity it chooses to sell at a given price, considering factors like technology and input prices.
  • This statement correctly defines supply, but it does not explain why a graphical representation of a supply schedule is called a supply curve.