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9 Cards in this Set
- Front
- Back
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Supply |
The amount of goods available |
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Law of supply |
Tendency of suppliers to offer more of a good at a higher price |
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Quantity supplied |
The amount a supplier is willing and able to supply at a certain price |
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Supply schedule |
A chart that lists how much of a good a supplier will offer at different prices |
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Variable |
A factor that can change |
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Market supply schedule |
A chart that lists how much of a good all suppliers will offer at different prices |
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Supply curve |
A graph of the quantity supplied of a good at different prices |
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Market supply curve |
A graph of the quantity supplied of a good by all suppliers at different prices |
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Elasticity of supply |
A measure of the way quantity supplied reacts to a change in price |
