Final answer:
The supply curve displays the relationship between the price of a good and the quantity supplied. As prices rise, the quantity supplied generally increases, a concept captured by the upward-sloping supply curve on a graph.
Step-by-step explanation:
The supply curve illustrates the relationship between the price and the quantity supplied of a certain good or service. When we represent this relationship on a graph, the quantity supplied is placed on the horizontal axis while the price is on the vertical axis, forming the supply curve. According to the law of supply, there is a direct relationship between price and quantity supplied: as the price increases, the quantity supplied typically also increases.
A supply schedule, on the other hand, is a table that lists the quantity of a good that producers are willing to supply at different prices. When the market experiences a surplus, it means that at the existing price, the quantity supplied exceeds the quantity demanded, which is also known as excess supply. This situation often leads to downward pressure on prices.