Law of Supply

Question 1

Refers to the willingness and
ability of producers or sellers to
sell goods and services at all
alternative prices, other things
being equal

Answer 1

Supply

Question 2

The amount of a good or service
a firm wants to sell, and is
able to sell per unit time.

Answer 2

Supply

Question 3

*Is the number of units
(amount) of a good or service
that producers or sellers sell at
various price levels during a
specified period of time.

Answer 3

Quantity Supplied

Question 4

It is a
table showing the
amounts of a product that producers are
willing and able to
make available for
sale at each of
a series of possible
prices.

Answer 4

Supply Schedule

Question 5

Is the graphical illustration of
the supply schedule

Answer 5

Supply Curve

Question 6

What type of slope does a supply curve have?

Answer 6

Positive slope

Question 7

The________________ states that,
ceteris paribus, as the price of a
good rises, its quantity supplied
will rise, and vise versa

Answer 7

law of supply

Question 8

What is the supply equation?

Answer 8

Qs = c + dP

Question 9

• Movement along the supply curve.
• Caused by a change in the price of
  the product

Answer 9

Change in Quantity Supplied

Question 10

• A shift in the supply curve, either to the left or right.
• Caused by a change in a
  determinant other than the price

Answer 10

Change in Supply

Question 11

What are the determinants of Supply?

Answer 11

RATNEST

Question 12

RATNEST

Answer 12

Resource cost / Input prices
Alternative Output price change
Technology
Number of producers / suppliers
Expectations (Producer Expectations)
Subsidies
Taxes