5.1 Flashcards
1
Q
The amount of goods available
A
Supply
2
Q
Produces offer more of a good as its price increases and less as its price falls
A
Law of supply
3
Q
The amount that a supplier is willing and able to supply at a specific price
A
Quantity supplied
4
Q
A chart that lists how much of a good supplier will offer at various prices
A
Supply schedule
5
Q
A factor that can change
A
Variable
6
Q
A chart that lists how much of a good all suppliers will offer at various prices
A
Market supply schedule
7
Q
A graph of the quantity supplied of a good at various prices
A
Supply curve
8
Q
A graph of the quantity supplied of a good by all suppliers at various prices
A
Market supply curve
9
Q
A measure of the way quantity supplied reacts to a change in price
A
Elasticity of supply
