Homework (Ch 04) Complete the following table by selecting the term that matches

Question

Homework (Ch 04) Complete the following table by selecting the term that matches each definition. Quantity Supply Supply Law of Supplied Curve Schedule Supply Definition The amount of a good that sellers are willing and able to supply at a given price The claim that, other things being equal, th quantity supplied of a good increases when the price of that good rises 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 A table shówing the relationship between the price of a good and the amount of t that sellers are willing and able to supply at various prices Apply your understending of the previous key terms by completing the folowing scenanio with the appropiate terminology Your coworker Janet is really concerned about a project that she has just been assigned. She is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report If Janet's boss isrinterested in a graphical presentation of the relationship between the price and quantity of televisions supplied, you would advise your coworker to construct to construct this visual representation, you would instead advise your coworker that s Y using the data provided. However, if Janets boss is more interested in the detaled numbers used would be more appropriate

Explanation / Answer

1. Quantity supplied
2. Law of supply
3. Supply curve
4. Supply schedule

more interested in graphical representation- supply curve (graphical representation is best explained through a curve)
more interested in detailed numbers- supplyschedule (tabular form representation is better in this case)

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