lesson 5 - supply

Question 1

supply

Answer 1

a curve describing the possible quantities that sellers are willing and able to produce

Question 2

law of supply

Answer 2

as price increases supply also increases

Question 3

quantity supplied

Answer 3

the amount of good/service sellers can sell at a specific price –> point on the cruve

Question 4

change in quantity supplied vs change in supply

Answer 4

point on graph vs change in the cruve

Question 5

determinants of supply

Answer 5

1. sellers of market
2. technology
3. the price of inputs used to produce
4. the amt of gov regulation (subsidies? taxes)
5. the price of other goods
6. expectations