Final answer:
There exists a direct relationship between price and the quantity supplied, which is depicted by an upward-sloping supply curve on a graph. The higher the price, the more producers are willing to supply, which explains why the upward-sloping supply curve indicates a direct relationship. The correct option is a. Direct, upward-sloping.
Step-by-step explanation:
The relationship between the price of a good or service and the quantity supplied is a fundamental concept in economics, often represented visually with a supply curve. According to this concept, there is a direct relationship between price and quantity supplied. This relationship is depicted on a graph where the supply curve typically slopes upward from left to right. This upward slope indicates that as prices increase, producers are willing to supply more of the good, and conversely, as prices decline, they will supply less.
A supply schedule is a tabular representation that shows various prices and the corresponding quantity of goods that producers are willing to supply at each of those prices. When the quantity supplied exceeds the quantity demanded at a particular price, it results in a surplus, also known as excess supply. On the other hand, a market reaches an equilibrium when the supply and demand curves intersect, determining the market price and quantity sold and purchased.
In summary, the complete sentence regarding the relationship between price and quantity supplied is: There exists a(n) direct relationship between the price and quantity supplied, and thus a supply curve is upward-sloping. Therefore, the correct option is: a. Direct, upward-sloping.