Homework (Ch 04)

The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises

Law of supply

The amount of a good that sellers are willing and able to supply at a given price

Quantity Supplied

A decrease in income of consumers

Shift

An increase in the price of labor (used in the production of cereal)

Shift

A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices

Supply Curve

A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices

Supply Schedule

Your task is to take this ______ and construct a graphical representation of the data. In doing so, you determine that as the price of soda rises, the quantity of soda supplied increases. This confirms the ______.

Supply Schedule ; Law of Supply

A decrease in the price of hot dogs

movement along

A decrease in the price of peanut butter

movement along

An increase in the price of cereal

movement along

A change in expectations about the future price of hot dogs

shift

A change in tastes of consumers that makes them desire more peanut butter

shift

A change in technology that makes it more costly to produce cereal

shift

A decrease in the price of beef (used in the production of hot dogs)

shift