section 4.4-4.5

law of supply

other things remaining equal, as the price of a good increases, the quantity supplied also increases

• increases

• increases

fill in the blank

the basic law of supply states that other things remaining equal, as the price of a good _______, the quantity supplied also _________

supply schedule

a list of numbers that compares price with quantity supplied

supply curve

a graphic representation of the quantity of goods supplied at different prices

1. up

2. right

fill in the blank

a supply curve should curve _____ and ______

1. Technology

2. Prices of Resources 

3. Prices of Related Goods

4. Number of Sellers

5. Producer Expectations 

6. Government Expectations 

7. Government Taxes and Subsidies

list the changes in supply. (there are 7)

1. equal

2. willing to sell and willing to buy

fill in the blank

the producer’s goals are…

1. To find the price point where supply and demand are ________ 

2. The producer is _______ ___ ____ it at that price, the consumer is _______ ___ _____ it at that price

equilibrium

the point at which the quantity demanded and quantity supplied are equal

shortage

the quantity demanded exceeds the quantity supplied

surplus

the quantity supplied exceeds the quantity demanded