Supply 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 key words in the definition of supply are ________ and ________.
willingness and ability
_________ 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 lists various prices of a good or service.
left-hand column
The _________ shows the quantity supplied at each price.
right-hand column
