Explain this individual supply curve

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

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 _______________.

Does this graph show elastic or inelastic supply? Why?

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

Which curve illustrates demand and which one illustrates supply? How do you know?

When does excess demand occur?

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

How can a change in productivity and technology cause a change in supply?

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

What does the equilibrium price represent?

When does excess supply occur?

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