supply correct answers the amount of goods available
quantity supplied correct answers describes how much of a good or service a producer is willing and able to sell at a specific price
two movements that combine to create the law of supply correct answers higher production and market entry
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Economics Supply(A+ Guaranteed Answers)
supply correct answers the amount of goods available
quantity supplied correct answers describes how much of a good or service a producer is willing and able
to sell at a specific price
two movements that combine to create the law of supply correct answers higher production and market
entry
higher production correct answers the promise of increased revenues when prices are high encourages
firms to produce more
market entry correct answers rising prices draw new firms into a market and add to the quantity supplied
of a good or falling prices may lead to firms exiting the market
law of supply correct answers producers offer more of a good as its price increases and less as its price
falls
What does elasticity of supply measure? correct answers how firms will respond to changes in the price of
a good or service
If supply is not very responsible to changes in price, it is considered _____ correct answers inelastic
elastic supply correct answers very sensitive to changes in price
What is the key factor in determining whether the supply of a good will be elastic or inelastic correct
answers time
supply schedule correct answers shows the relationship between price and quantity supplied for a specific
good or service
market supply schedule correct answers a chart that lists how much of a good all suppliers will offer at
various prices
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