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Cards In This Set
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Supply
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The amount of a product that could be bought at all possible prices that could prevail in the market
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Quantity supplied
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Amount that producers bring to the market at any given price
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Supply curve
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A graph showing the various quantities supplied at each and every price that might prevail in the market
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Supply elasticity
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Measure of the way in which quantity supplied responds to a change in price
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Subsidy
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A government paymeny to an individual, business or other group to encorude or protect a certain type of economic activity
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The Law of Supply states that
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The quantity supplied vaires directly with its price
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Which of the following can cause an increase in supply
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An increase in taxes
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Which product is likely to have the most elastic supply?
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Ice cream cones
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The supply Curve is
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Upward sloping
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Increased government regulations can cause the supply curve to
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shift to the left
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What is your favorite color
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Yelleow
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