Supply
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Law of Supply | Price increases, quantity supplied increases and price decreases, quantity supplied decreases
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| supply | amount of good available
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| quantity supplied | the amount of a good that a producer is willing and able to supply at a certain price
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| supply schedule | chart that lists the quantity of a good supplied at different prices
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| Variable | a factor that can change
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| market supply schedule | chart that lists how much of a good that ALL suppliers at different prices
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| supply curve | a graph of the quantity supplied of a good at different prices
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| market supply curve | a graph of the quantity supplied of a good by ALL suppliers at different prices
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| elasticity | a measure of the way quantity supplied reacts to a change in price
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| marginal product of labor | the change in output from hiring one additional worker
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| increasing marginal returns |
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Created by:
venettle192
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