supply

Question 1

The quantity of the goods and services that a producer is ? to produce at a given price and at a given period of time

Answer 1

willing and able

Question 2

CETERIS PARIBUS

Answer 2

“all other things held constant”

Question 3

Law of supply is …. Proportional

Answer 3

Directly

Question 4

In supply, if peice goes up supply goessss

Answer 4

Up

Question 5

mathematical representation showing the relationship of quantity supplied (Qs) and price (P)

Answer 5

Supply Function

Question 6

table showing the changes in Qs as the P changes

Answer 6

Supply Schedule

Question 7

graphical representation of the supply schedule

Answer 7

Supply Curve

Question 8

caused by change in price

Answer 8

MOVEMENT along the supply curve

Question 9

caused by change in price

Answer 9

MOVEMENT along the supply curve

Question 10

caused by non-price factors

Answer 10

SHIFT
of the supply curve

Question 11

CHANGES IN SUPPLY

Answer 11

Moverment, shift

Question 12

If the supplycurve shifts to the left there is a/n increase or decrease in supply?

Answer 12

Decrease

Question 13

If the supplycurve shifts to the right there is a/n increase or decrease in supply?

Answer 13

Increase

Question 14

CHANGE IN PRICE OF
INPUTS

Answer 14

PRICE OF INPUT up
1 COST OF PRODUCTION up
1 PRICE OF PRODUCTup
1 SUPPLY down
+ DEMAND down

Question 15

“capital deepening”

Answer 15

increases in the amount of physical capital available relative to labor to help firms to increase output

Question 16

CHANGE IN NUMBER OF FIRMS

Answer 16

Increase or decrease of the number of producers in the market affects the level of supply of goods and services.

Question 17

For every % change in P there is a greater % change in qs

Answer 17

Elastic >1 long run

Question 18

For every % change in P there is a lesser % change in qs

Answer 18

Inelastic <1 sohrt run

Question 19

For every % change in P there is an equal % change in Qso

Answer 19

Unitary 1

Question 20

price that balances the Qd and Qs

Answer 20

EQUILIBRIUM PRICE

Question 21

number of Qd and Qs
at equilibrium price

Answer 21

EQUILIBRIUM QUANTITY

Question 22

Market equilibrium

Answer 22

the consumers are able to buy all they want to buy, and producers are able to sell all they want to sel

Question 23

Demand=supply

Answer 23

Equilibrium

Question 24

Demand>supply

Answer 24

Shortage

Question 25

Demand

Answer 25

Surplus

Question 26

Above eq point

Answer 26

Surplus

Question 27

BELOW EQ POINT

Answer 27

Shortage

Question 28

How to fix excess demand?

Answer 28

P and Qs to rise

Question 29

EXCESS SUPPLY

Answer 29

P and qs down

Question 30

DEMAND EQUILIBRIUM SHIFT TO THE RIGHT

Answer 30

Shortagw

Question 31

To fix shortage in demand graph?

Answer 31

Price push up, eq and eq up

Question 32

Shift to left (demand)

Answer 32

Surplus

Question 33

Fix demand surplus

Answer 33

PRICE PULL DOWNWARD Dowm EP and down EQ

Question 34

Shift to right of supply

Answer 34

Surplus

Question 35

Fix surplus (supply)

Answer 35

PRICE PULL DOWNWARD Down EP and up EQ

Question 36

Supply shift to the left

Answer 36

Shortage

Question 37

Fix shortage (supply)

Answer 37

PRICE PUSH UPWARD Up EP and down EQ

Question 38

Price control

Answer 38

PRICE CONTROL direct economic intervention by the government to regulate price, usually done for basic commodities and energy products

Question 39

The Price Act

Answer 39

An act providing protection to consumers by stabilizing the prices of necessities and prime commodities and by prescribing measures against undue price increases during emergency situations and like occasions.

Question 40

PRICE CEILING

Answer 40

maximum price that sellers are allowed to charge

Question 41

PRICE FLOOR

Answer 41

minimum price at which the buyers pay for commodities

Question 42

PRICE FREEZE

Answer 42

movement or change in price is not allowed

Question 43

Price Lower Than Equilibrium Price

Answer 43

Price Ceiling

Question 44

Price Higher Than Equilibrium Price

Answer 44

PRICE FLOOR