The supply curve for oil shows:
the quantity of oil supplied at different prices of oil.
the supply of oil when there is a surplus or shortage.
the quantity of oil supplied at different income levels.
the supply of oil at different prices of other goods.
The supply curve for oil shows the quantity of oil supplied at different prices of oil.
This relationship illustrates how much oil producers are willing to supply to the market at various price levels, typically showing that as the price increases, the quantity supplied also increases, reflecting the law of supply.