Section 1 Flashcards
0
Q
Law of supply
A
States that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases.
1
Q
Supply
A
Is the desire and ability to produce and sell a product.
2
Q
Supply schedule
A
Lists how much of a good or service an individual producer is willing and able to offer for sale at each price.
3
Q
Market supply schedule
A
Lists how much of a good or service all producers in a market are willing and able to offer for sale at each price.
4
Q
Supply curve
A
Shows the data from a supply schedule in graph form.
5
Q
Market supply curve
A
Shows the data from a market supply schedule in graph form.
