CH 3 Supply & Demand ECON 2301
Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!
How many gallons per day do sellers wish to sell if the price of milk is $2 per gallon?
3K
Supply Curve
A schedule or graph showing the quantity that sellers wish to sell at each price.
If the price of butter increases, the quantity of butter supplied will __
Increase. Sellers have lower marginal cost of producing butter.
A price ceiling will have what effect on a market if set above the equilibrium price?
No effect, no tendency for prices to rise above equilibrium price.
What type of graph is pictured?
Supply
This picture captures daily ____ of tennis balls
Supply of
When the price of milk is $3 per gallon,
The market is in equilibrium.
When there is excess supply, seller has incentive to
lower prices
