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The amount of a product that would be offered for sale at all possible prices that can prevail in the market



The principle that suppliers will normally offer more for sale at high prices and less at lower prices

Law of supply


A listing of the various quantities of a particular product supplied at all possible prices in the market

Supply schedule


A graph showing the various quantities supplied at each and every price that might prevail and the market

Supply curve


The supply curve that shows the quantities offered at various prices by all firms that offer of the product for sale in a given market

Market supply curve


The amount that producers bring to market at any given price

Quantity supplied


The change in amounts offered for sale in response to a change in price

Change in quantity supplied


What does a change in quantity supplied respond to?

Change in price


Why does the supply curve shift to the left?

Decrease in supply


What are seven factors that determine whether supplies increase or decrease?

Costs of inputs, productivity, technology, taxes and subsidies, expectations, government regulations, and number of sellers


The situation with suppliers offer different amounts of products for sale at all possible prices in the market

Change in supply


How does cost of inputs affect the change in supply?

Labor costs could be one affect if they go down the supply curve shifts to the right if they go up the supply curve shifts to the left


How does productivity effects change in supply?

When workers work more efficiently productivity should increase if workers are unmotivated, untrained, or unhappy productivity could decrease


How couldn't you technology affect that change in supply?

The introduction of a new machine, chemical, or industrial process can affect supply by lowering the cost of production or by increasing productivity


A government payment to an individual, business, or other group to encourage our protect a certain type of economic activity



A measure of the way in which quantity supplied response to a change in price

Supply elasticity


What characterizes an inelastic supply curve?

Products that take longer to manufacture and smaller change in quantity supplied


What changes does a unit elastic supply curve show?

Change in price and change and supply demand in proportion 1 to 1