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What does the equilibrium price represent?
It shows the demand for a product is equal to the supply of the product.
When does excess demand occur?
When the market demand for a product is greater than its market supply, thus causing its market price to rise.
When does excess supply occur?
When the market supply of a product is greater than the market demand for it, thus causing its market price to fall.
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 _______________.
elastic / inelastic
Does this graph show elastic or inelastic supply? Why?
Elastic supply because the change in price causes a relatively larger change in the quantity supplied.
Supply ______________ is a measure of the way in which quantity supplied responds to a ____________ in price.
elasticity / change
How do taxes, subsidies and the number of sellers / suppliers affect supply?
If taxes go down, supply increases. Subsidies encourage producers to remain in the market. The larger the No of suppliers, the greater the market supply.
How can a change in productivity and technology cause a change in supply?
Productivity depends on how much workers are motivated.The introduction of a new technology can affect supply by increasing productivity.
How does a change in the cost of production / inputs affect supply?
If the price of inputs drops, producers are willing to produce more of a product. If labor or other costs rise, producers will produce less.
Look at the schedule. Which column shows the quantity supplied and which one the quantity demanded? Why?
The column in the middle represents the quantity supplied and the third column shows the quantity demanded because of what the laws of demand and supply state.
Which curve illustrates demand and which one illustrates supply? How do you know?
The blue curve illustrates supply because it is upward sloping as more will be offered at higher prices. The red curve illustrates demand as ...
Explain this individual supply curve
At a price of $0.50, producers will offer two slices of pizza for sale. At a price of $1, producers will offer 5 slices of pizza, etc
Why do you think producers supply more at a higher price?
Because selling a higher quantity at a higer price increases revenue (income/profit)
Supply is defined as the amount of a ______________ that would be offered for sale at all possible ______________ that could prevail in the market.
Product / prices
Why does the supply curve illustrate a positive relationship between the price and quantity supplied?
Because the higher the price, the higher the quantity supplied.
Why does the demand curve illustrate a negative relationship between the price and quantity demanded?
Because the higher the price of a good, the lower the quantity demanded.
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