Question

Complete the following table by selecting the term that matches each definition.

Definition	Quantity Supplied	Supply Curve	Supply Schedule	Law of Supply
The amount of a good that sellers are willing and able to supply at a given price
The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises
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
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

Answer 1

a) The amount of a good that sellers are willing and able to supply at a given price is the quantity supplied in the market.

b) The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises is the law of supply.

c) 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 is the supply curve.

d) 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 is supply schedule.