True
True or False?: "Supply indicates the desire to sell a particular product or service.
Price; Factors other than price
Fill in the blank(s): "The desire to sell is affected by _______ and _______.
Movement along the supply curve
Fill in the blank(s): "Supply affected by price is caused by _______.
Shift of the supply curve
Fill in the blank(s): "Supply affected by factors other than price is caused by _______.
The desire to make profit
Fill in the blank(s): "The production of goods by business firms is motivated by _______.
Positive
Fill in the blank(s): "Law of Supply states that there is a _______ relationship between the price of the good and its quantity supplied.
Supply Schedule
It is a table showing how the quantity of a good or service that producers want to sell changes as the price of that good or service changes.
Supply Curve
It is a graphical representation of the Supply Schedule.
Quantity
Fill in the blank(s): "Supply Curve shows the _______ of a good or service that producers want to sell at any given price.
1. Changes in the price of inputs; 2. Changes in the level of technology; 3. Changes in expectations; 4. Changes in the number of firms
Four Main Reasons for the Shifting of Supply Curve (relaxing the symptoms of ceteris paribus)
Price Elasticity of Supply (P?s)
This measures the responsiveness of quantity supplied to a change in price.
Supply is Price Elastic; Supply is Price Inelastic; Supply is Unitary or Price-Unit Elastic
Three Kinds of Elasticity of Supply
%??Q > %??P
P?s > 1 is in other words
%??Q < %??P
P?s < 1 is in other words
%??Q = %??P
P?s = 1 is in other words