Question

5. Supply: Basic concepts Complete the following table by selecting the term that matches each definition Quantity Supply Supply Law of Supplied Curve Schedule 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 Yakov really struggles with understanding graphs. He shows you the following illustration and asks for your help interpreting it:

Answer 1

5. Supply: Basic concepts Complete the following table by selecting the term that matches each definition. Quantity Supply Supply Law of Supplied Curve Schedule 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 C Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your friend Yakov really struggles with understanding graphs. He shows you the following illustration and asks for your help interpreting it: Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology Your friend Yakov really struaales with understanding araphs, He shows vou the following illustration and asks for your help interpreting it: (? Supply The supply curve is an upward sloping curve due to direct relationship between price and quantity supplied. 8 Y 7 2 3 4 5 6 7 89 10 0 1 aUANTITY (Tooth brushes) Fortunately, you recognize that the line on this graph is supply curve represents the quantity of toothbrushes supplied at a price of $8 per toothbrush, you tell him the value represented by the letter s . When your friend asks you which value fusniaunoo jad SIPIIOnnN