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Terms in this set (18)
The dolls for $20 since the producers will make more money
In which case will a toymaker offer more fashion dolls: if the company can charge $20 for
each doll, or if it can charge $10 for each doll?
A supply curve shows various amounts that a single producer will sell at every price that might be on the market
A market supply curve shows the amount of a product when it is offered at different prices by all companies that sell the product
How do a supply curve and a market supply curve differ?
What causes a change in the quantity of a product that is supplied?
handmade clothing is smaller since it takes longer to make
Do you think the supply of handmade clothing in the market is larger or smaller than the supply
of machine-made clothing? Explain your answer.
A candy producer. Candy can be produced faster than oil. can respond quicker
Which firm is more likely to have an elastic supply—a candy producer or a shale oil producer?
Explain your answer.
The amount of a product that would be offered for sale at all possible prices that could prevail in the market
Law of Supply
The principle that suppliers will normally offer more for sale at high prices and less at lower prices
A listing of the various quantities of a particular product supplied at all possible prices in the market
A graph showing the various quantities supplied at each and every price that might prevail in the market
market supply curve
The supply curve that shows the quantities offered at various prices by all firms that offer the product for sale in a given market
The amount that producers bring to market at any given price
change in quantity supplied
The change in amount offered for sale in response to a change in price
change in supply
A situation where suppliers offer different amounts of products for sale at all possible prices in the market
A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity
A measure of the way in which quantity supplied responds to a change in price
decrease in supply
Why does the supply curve shift to the left?
cost of inputs
Name the seven factors that determine whether supplies increase or decrease.
What does a change in quantity supplied respond to?
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