Supply Chapter 5 Section 1 Flashcards

​Start studying for the Supply Chapter 5 Section 1 with these quiz-based flashcards quizzes. Anyone who is interested in Supply Chapter 5 Section 1 can attempt these imaged flashcards quizzes. These flashcard quizzes which are simple and easy to attempt.

11 cards   |   Total Attempts: 184
  

Cards In This Set

Front Back
Supply
The amount of a product that could be bought at all possible prices that could prevail in the market
Quantity supplied
Amount that producers bring to the market at any given price
Supply curve
A graph showing the various quantities supplied at each and every price that might prevail in the market
Supply elasticity
Measure of the way in which quantity supplied responds to a change in price
Subsidy
A government paymeny to an individual, business or other group to encorude or protect a certain type of economic activity
The Law of Supply states that
The quantity supplied vaires directly with its price
Which of the following can cause an increase in supply
An increase in taxes
Which product is likely to have the most elastic supply?
Ice cream cones
The supply Curve is
Upward sloping
Increased government regulations can cause the supply curve to
shift to the left
What is your favorite color
Yelleow