2.2 Theory of Supply

Question 1

In a market, while _ of a product constitute the demand side of the market, _ of that product make up the supply side of the market.

Answer 1

buyers, sellers

Question 2

_ may be defined as a schedule, an equation, or a curve that shows the various amounts of a product that a producer is willing and able to produce and make available for sale in the market over a specific time period, at given prices, ceteris paribus.

Answer 2

Supply

Question 3

Holding other factors constant, the quantity _ of a good or service is the amount offered for sale at a given price.

Answer 3

supplied

Question 4

A Supply function: is a statement that states the relationship between the quantity
supplied (as a dependent variable) and its determinants (say price, as independent
variable).