Supply by

Warm Up

anthonynelms99 — 2015-11-04 15:54:34 UTC

Turkeys and christmas trees are in large quantites

Questions

anthonynelms99 — 2015-11-04 15:56:50 UTC

A.)Supply is the desire and ability to produce and sell a product

Law of supply is when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases.

B.) Supply curve is a graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price

The slope of the curve goes upwards

C.) Market supply curve is a graph that shows how much of a good or service all of the producers in a market are willing and able to offer for sale at each price

Questions

anthonynelms99 — 2015-11-04 16:00:53 UTC

D.) Factors that affect supply are the cost of resource, the productivity, technology, government polices, number of suppliers, expectation of consumers, taxes,subsidies

E.) Elastic supply is supply of a good or service that increases or decreases as the price of an item goes down or up

Inelastic supply is A market situation in which any increase or decrease in the price of a good or service does not result in a corresponding increase or decrease in its supply.

F.) Inlastic supply