Does this graph show elastic or inelastic supply? Why?

How does a change in the cost of production / inputs affect supply?

Supply is defined as the amount of a ______________ that would be offered for sale at all possible ______________ that could prevail in the market.

Explain this individual supply curve

Why does the supply curve illustrate a positive relationship between the price and quantity supplied?

How do taxes, subsidies and the number of sellers / suppliers affect supply?

When does excess supply occur?

Supply ______________ is a measure of the way in which quantity supplied responds to a ____________ in price.

What does the equilibrium price represent?

Look at the schedule. Which column shows the quantity supplied and which one the quantity demanded? Why?

Why do you think producers supply more at a higher price?

Production considerations determine supply elasticity. If a firm can react quickly to higher or lower prices, then supply is likely to be ____________. If the firm takes longer to react to a change in prices, then supply is _______________.