Complete the following table by selecting the term that matches each definition.

5. Supply: Basic concepts

Definition	Quantity Supplied	Supply curve	Supply Schedule	Law of Supply
The claim that, other things being equal, the quantity supplied of a good increase when the price of that good rises
The amount of a good that sellers are willing and able to supply at a given price
A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices
A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices

Solutions

Expert Solution

1) Law of supply: other things equal, an increase in price will increase the quantity supplied

2)Quantity supplied-quantity supply at given price

3)Supply schedule is the tabular representation of quantity supplied at various price level

4) supply curve is a graphical representation between quantity supplied and price, ceteris paribus

Rahul Sunny answered 2 years ago

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