The amount of a product that would be offered for sale at all possible prices that could prevail in the market
What is supply?
100
The change in amount offered for sale in response to a change in price
What is change in quantity supplied?
100
A listing of the various quantities of a particular product supplied at all possible prices in the market.
What is supply schedule?
100
The elasticity of a business's supply cure depends on the nature of __________.
What is production?
100
The principle that suppliers will normally offer more for sale at high prices and less at lower prices.
What is Law of Supply?
200
The amount that producers bring to the market at any given price
What is quantity supplied?
200
Four CD's are supplied when the price is $15. If the price increases to $20, then 6 CD's are supplied. If the price then changes to $25, 7 CD's are supplied. This is an example of ...
What is change in a quantity supply?
200
A change in the cost of inputs can cause a change in supply. True or False?
What is true?
200
If a small increase in price leads to a relatively larger increase in output, supply is INELASTIC. If the quantity supplied changes very little, supply is ELASTIC.
True or False?
What is false?
200
What is the difference from supply and demand?
Demand is the desire, ability, and willingness to buy, and deals with how prices affect consumer spending.
Supply is the amount of a product for sale and deals with how prices affect quantity supplied.
300
A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity
What is subsidy?
300
Depending on whether more or less of a product is offered, the change in quantity supplied can be an increase, decrease, or both?
What is both?
300
If the price of the input drops, producers are willing to produce more of a product at each and every price. Then if the labor or other costs rise, producers would NOT be willing to produce as many units at each and every price. True or False?
What is true?
300
These are the three elasticizes...
What is supply elasticity, inelastic supply, and unit elastic supply?
300
What the difference between supply curve and supply schedule?
In a supply curve, information is in a graphic form.
In a supply schedule, information is in a table form.
400
The supply curve that shows the quantities offered at various prices by all firms that offer the product for sale in a given market
What is market supply curve?
400
The interaction of supply and demand usually doesn't determine the final price of the product and the producer doesn't have the freedom to adjust production. True or False?
What is false?
400
When production costs go ________, the producer is usually able to produce more goods and services at each and every price in the market.
(Up or Down)
What is down?
400
The difference between supply elasticity and demand elasticity is if quantities are being purchased, the concept is __________. If quantities are being brought to the market for sale, the concept is ___________.
Fill in the blank.
(Demand Elasticity and Supply Elasticity)
What is demand elasticity, then supply elasticity?
400
What are some factors that can cause a change in supply?
costs of inputs, productivity, technology, number of sellers, taxes and subsidies, expectations, and government regulations
500
A measure of the way in which quantity supplied responds in a change of price
What is supply elasticity?
500
Apply the first supply curve... to the second supply curve... to get the...?
What is the market supply curve.
500
Subsidies _______ the cost of production, encouraging current producers to remain in the market and new producers to enter.
(Raise or Lower)
What is lower?
500
If small increase in price leads to a relatively larger increase in output, supply is ________.
If the quantity supplied changes very little, supply is _______.
Place the word in the write blank.
(Inelastic and Elastic)
What is Elastic, then Inelastic?
500
According to the law of supply, how does price affect the quantity offered by sale?
*hint: Its a hot summer day, and people start buying a lot of ice cream, you can raise the price to $5.00. But in the winter when barely anyone buys ice cream, you lower the price to only $1.00*
Sellers will offer more at a higher price and will offer less at lower prices.