supply
The law of supply shows a _____ relationship
positive
As price decreases, the quantity supplied will ____
decrease
What's the definition of supply?
Producer's ability and willingness to supply different quantities of goods and services at different possible prices and time ranges
If the price of goods A increases, the supply curve for Goods A's complimentary will _______
shift to the right
What is the difference between individual supply and market supply?
individual supply = supply of goods/services from a single seller
market supply = total supply of goods/services from all producers in the market
The change in quantity supplied is caused by one factor only which is ________.
price
The term ceteris paribus stands for
all other things are held constant
How does a tax on production affect supply curve?
curve shifts to the left
How would the supply of a product change if a competing producer enters the market? Why?
Market supply increases because more producers are offering the product.
How would the supply of a product change if workers in the industry go on strike? Why?
Supply decreases because production slows or stops due to the lack of available labor, shifting the supply curve to the left.