1. The law of supply states that there is what type of relationship between price and quantity supplied? 2. The supply curve always slopes in what direction 3. When graphing supply curve price is always on which axis? 4. A change in price results in along the supply curve and a in 5. shows how quantity supplied depends on the price. 6. An increase in supply is shift. 7. A change in is due to a change in price, while is due to change in the conditions of supply. is the determining factor of both supply and demand. 8. 9. Each point on a supply curve represents the which a supplier can profitably sell another unit. price for 10. A supply curve differs from a supply schedule because 11. If a producer can use resources to produce either good A or good B, then A and B are in production.
1. The law of supply states that there is what type of relationship between price and quantity supplied? 2. The supply curve always slopes in what direction 3. When graphing supply curve price is always on which axis? 4. A change in price results in along the supply curve and a in 5. shows how quantity supplied depends on the price. 6. An increase in supply is shift. 7. A change in is due to a change in price, while is due to change in the conditions of supply. is the determining factor of both supply and demand. 8. 9. Each point on a supply curve represents the which a supplier can profitably sell another unit. price for 10. A supply curve differs from a supply schedule because 11. If a producer can use resources to produce either good A or good B, then A and B are in production.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. The law of supply states that there is what type of relationship between price and
quantity supplied?
2. The supply curve always slopes in what direction
3. When graphing supply curve price is always on which axis?
4. A change in price results in a
along the supply
curve and a
in
5.
shows how quantity supplied depends on the
price.
6. An increase in supply is
shift.
7. A change in
is due to a change in price, while
is due to change in the
conditions of supply.
is the determining factor of both supply and demand.
8.
9. Each point on a supply curve represents the
which a supplier can profitably sell another unit.
price for
10. A supply curve differs from a supply schedule because
11. If a producer can use resources to produce either good A or good B, then A and B are
in production.
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