Question

Homework (Ch 04) Quantity Supplied Supply Curve Supply Schedule Law of Supply Definition The claim that other things being equal, the quantity supplied of a good increases when the price of that good rises 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 ne that 0 0 The amount of a good that sellers are willing and able to supply at a given price Lololo Lololo ооо 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 Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your boss would like your help on a marketing research project he is conducting on the relationship between the price of soup and the quantity of soup supplied. He hands you the following document: Price of Soup (Dollars per can) 0.50 0.75 Quantity of Soup Supplied (Billions of cans) 750 1,000 1,500 2,000 1.00 1.25 Your task is to take this and construct a graphical representation of the data. In doing so, you determine that as the price of soup rises, the quantity of soup supplied increases. This confirms the Grade it Now Save & Continue

Answer 1

The claim that, other things being equal ,the quantity supplied of a good increases when the price of that good rises. : Law of supply.

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. : Supply curve.

The amount of a good that sellers are willing and able to supply at a given price.: Quantity supplied.

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. : Supply schedule.

From the given table : Our task is to take this supply schedule and construct a graphical representation of the data (which means supply curve).In doing so, we determine that as the price of soup rise , the quantity of soup supplied increases. This confirms the law of supply (i.e The claim that, other things being equal ,the quantity supplied of a good increases when the price of that good rises).