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5-1 Vocabulary jw
| Question | Answer |
|---|---|
| The desire and ability to produce and sell a product. | supply |
| States that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases. | Law of Supply |
| Lists how much of a good or service an individual producer is willing and able to offer for sale at each price. | Supply Schedule |
| List 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 |
| Shows the data from a supply schedule in graph form. | Supply Curve |
| Shows the data from a market supply schedule in graph form. | Market Supply Curve |
Created by:
joannw15
on 2011-07-16