question
the actual amount of a good or service producers are willing to sell at some specific price
answer
quantity supplied
question
what depends on the price the suppliers are offered to make a good
answer
the quantity supplied
question
what shows how much of a good or service producers will supply at different prices
answer
supply schedule
question
what graph is the supply schedule represented by?
answer
a supply curve
question
what does a higher price lead to?
answer
a higher quantity supplied
question
what law dictates that price and quantity are positively correlated
answer
law of supply
question
a change in the supply schedule leads to a shift of the supply curve
answer
a change in supply
question
changes in the quantity supplied that result from a change in price is a
answer
movement along the supply curve
question
what are the 5 things that can shift a supply curve
answer
changes in the input prices
changes in the prices of related goods or services.
changes in technology.
changes in expectations.
changes in the number of producers
changes in the prices of related goods or services.
changes in technology.
changes in expectations.
changes in the number of producers
question
anything used to produce a good or service
ex. milk, cream, and sugar for ice cream
ex. milk, cream, and sugar for ice cream
answer
input
question
what needs to be increased to make production for final good more costly for those who produce and sell it
answer
input price
question
do single producers usually produce one single product or a mix of goods?
answer
a mix of goods
question
when the price fall of one product leads to the rise in quantity of another the 2 products are....
answer
substitutes in production
question
when the price fall of one product leads to the drop in quantity of another the 2 products are...
answer
complements in production
question
what is the relationship between production cost and supply when better technology is available
answer
production cost is reduced and supply increases
question
what happens when there are changes in the expected future price of a good
answer
a supplier might supply less or more of the good today
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