Question
In: Economics
Complete the following table by selecting the term that matches each definition.
5. Supply: Basic concepts
Complete the following table by selecting the term that matches each definition.
| 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 3 years agoRelated Solutions
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