Question

Q Search this course Homework (Ch 04) S. Supply: Basic Concept Complete the following table by selecting the term that matches each definition Definition Quantity Supplied Supply Curve Supply Schedule Law of Supply 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 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 The claim that, other things being equal, the quantity supplied of a good increases when th price of that good rises Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your coworker Susan 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 Susan's boss is interested in a graphical presentation of the relationship between the price and quantity of televisions supplied, you would advise your coworker to construct using the data provided. However, if Susan's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that a would be more appropriate

Answer 1

The amount of a good that sellers are willing and able to supply at a given price - quantity supplied

The table showing the relationship between the price of a good and amount of it that sellers are able to and willing to sell at various prices - supply schedule

A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to sell at various prices - supply curve

The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises - law of supply

If Susan's boss is interested in graphical presentation of the relationship between the price and quantity of televisions supplied, you would advise your coworker to construct a supply curve using the data provided. However, if Susan's boss is more interested in detailed numbers used to construct this visual representation, you would instead advise your coworker that a supply schedule would be more appropriate.