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Vocabulary Matching

Match the terms and definitions.

Terms:

  1. Supply
  2. Law of Supply
  3. Supply Curve
  4. Individual Supply Curve
  5. Market Supply Curve
  6. Supply Schedule
  7. Elasticity

Definitions:

  • A measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as price.
  • A curve that shows the relationship between the price of a good and the quantity supplied of a good.
  • The amount of a product that would be offered for sale at all possible prices that could prevail in the market.
  • Definition
  • A graph showing the quantity offered at various prices by all producers that offer the product for sale.
  • The principle that suppliers will normally offer more for sale at higher prices and less at lower prices. A law that states that, other things equal, the quantity supplied of a good falls when the price of the good falls.
  • A graph showing various quantities that a single producer is willing to sell at various levels of price, during a given period of time.

Answers:

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

    Answer: Supply

  2. The principle that suppliers will normally offer more for sale at higher prices and less at lower prices. A law that states that, other things equal, the quantity supplied of a good falls when the price of the good falls.

    Answer: Law of Supply

  3. A curve that shows the relationship between the price of a good and the quantity supplied of a good.

    Answer: Supply Curve

  4. A graph showing various quantities that a single producer is willing to sell at various levels of price, during a given period of time.

    Answer: Individual Supply Curve

  5. A graph showing the quantity offered at various prices by all producers that offer the product for sale.

    Answer: Market Supply Curve

  6. A table that shows the relationship between the price of the good and the quantity supplied of that good.

    Answer: Supply Schedule

  7. A measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as price.

    Answer: Elasticity

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