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Chapter 5-1 What is Supply?
Terms in this set (10)
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 be normally offer more for sale at high prices and less at lower prices
is 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 sale in a given market
is the amount that producers bring to market at an given price
Change in Quantity Supplied
it is 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
it is a government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.
it is the measure of a way in which quantity supplied responds to a change in price.
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