Quiz 1 Flashcards
____________ refers to the willingness and ability of producers to offer goods and services for sale
Supply
Anyone who provides goods or services is a ________
producer
The two keywords in the definition of supply are ____________________
willingness and ability
As is true with demand ________ is a major factor that influences supply
price
The ___________ states that when prices decrease quantity supplied decreases and when prices increases quantity supplied increases
law of supply
A ____________ is a table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price in a market
supply schedule
A ________________ is a table that shows how much of a good or service all producers in a market are willing and able to offer for sale at each price
market supply schedule
The ______________ of the table list various prices of a good or service
left hand column
The _______________ shows the quantity supplied at each price
right hand column
