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5-1 Vocabulary jw

QuestionAnswer
The desire and ability to produce and sell a product. supply
States that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases. Law of Supply
Lists how much of a good or service an individual producer is willing and able to offer for sale at each price. Supply Schedule
List how much of a good or service all producers in a market are willing and able to offer for sale at each price. market supply schedule
Shows the data from a supply schedule in graph form. Supply Curve
Shows the data from a market supply schedule in graph form. Market Supply Curve
Created by: joannw15
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