8.Supply: Basic concepts Complete the following table by selecting the term that

Question

8.Supply: Basic concepts Complete the following table by selecting the term that matches each definition. QuantitySupplySupply Law of Supplied CurveSchedule Supply Definition The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises 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 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 friend Kenji really struggles with understanding graphs. He shows you the following illustration and asks for your help interpreting it:

Explanation / Answer

Law of Supply = An increase in price leads to increase in quantity supplied keeping other things constant. Supply Schedule = It shows the various combination of price and quantity supplied. Quantity Supplied = It is the quantity that a producer is willing to sell at given price. Supply curve = It is an upward sloping curve showing the posiitve relation between quantity supplied and price. Supply curve. S is the supply curve x. At P = 8, quantity supplied = 8

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