A.quantity of juice supplied B.law of supply C.supply schedule D. supply curve P
ID: 1091523 • Letter: A
Question
A.quantity of juice supplied
B.law of supply
C.supply schedule
D. supply curve
PPY Complete the following table by selecting the term that matches each definition. Supply Supply Schedule Quantity Law of Supply Supplied Definition A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises The amount of a good that sellers are willing and able to supply at a given price A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your boss would like your help on a marketing research project he is conducting on the relationship between the price of juice and the quantity of juice supplied. He hands you the following document:Explanation / Answer
1) A table showing the relationship between the price of a good and the amount of it that the sellers are willing and able to supply at various prices is Supply Schedule.
2) The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises is Law of Supply.
3. The amount of a good that sellers are willing and able to supply at a given price is Quantity Supplied.
4. A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices is Supply Curve.
Your task is to take this Supply Schedule and construct a graphical representation of the data. In doing so, you determine that as the price of juice rises, the quantity of juice supplied increases. This confirms the Law of Supply.
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