5. Supply: Basic concepts Complete the following table by selecting the term tha

Question

5. Supply: Basic concepts Complete the following table by selecting the term that matches each definition Quantity Supply Supply Law of Supplied Curve Schedule Supply Definition A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at 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 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 various prices

Explanation / Answer

This is the solution to the table question:

1) The graphical representation of relationship between price and quantity the sells are willing to supply is a supply curve. So the answer to the first question Supply Curve.

2) The claim that all things being equal, if the price of a good rises, the quantity of the good will rise, is given by the law of supply. So the answer of the second part is Law of Supply.

3) The amount of good that the suppliers are willing to supply at any given price is the Quantity Supplied. Therefore the answer to the third part is Quantity Supplied.

4) The table showing the relationship between price and the amount that the suppliers are willing to supply at that price is called a Supply Schdeule. Therefore answer to the fourth part is Supply Schedule.

_________________________________________________________________________________

The supply curve is always upward sloping. That is because when price of a good increases, the sellers want to sell more quantity of the good so that they can increase their profits.

Therefore S1 is supply curve. This is the answer.

(Note: Demand curve is always downward sloping. Because when price is increased, the consumers will tend to buy less of that good. Therefore S2 is the demand curve. )

_________________________________________________________________________________

At price of $10, the quantity supplied is five million CDs.

Recall that Quantity supplied is basically the amount that sellers are willing to sell at any given price. The given price here is $10 and we can see from the graph that sellers are willing to supply 5 millions CDs.

Related Questions

Navigate

• Browse (All)
• Browse 5
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.