10-30 Flashcards
1
Q
Amount of a product offered for sale at all possible prices
A
Supply
2
Q
Principle that more will be offered for sale at higher prices than at lower prices
A
Law of supply
3
Q
Change in amount offered for sale when the price changes
A
Change in quantity supplied
4
Q
Government payment to an individual, business, or other group to encourage or protect a certain type of economic activity
A
Subsidy
5
Q
Measure of how the quantity supplied responds to a change in price
A
Supply elasticity
