126 chapter 5 supply to reinforce your knowledge of

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Unformatted text preview: y supplied changes by the same percentage as price. 126 Chapter 5 Supply To reinforce your knowledge of the key terms in this chapter, fill in the following blanks on a separate piece of paper with the appropriate word or phrase. 1. A(n) ______ is the numerical representation of the law of supply. 2. A(n) ______ is the graphic representation of the law of supply. 3. According to the law of supply, as price increases, ______ rises. 4. Supply is ______ if the percentage change in quantity supplied is greater than the percentage change in price. 5. Supply is ______ if the percentage change in quantity supplied is less than the percentage change in price. 6. ______ refers to the number of units of a good produced and offered for sale at a specific price. Understanding the Main Ideas Write answers to the following questions to review the main ideas in this chapter. 1. Explain the term supply as it applies to economics. What is the difference between supply and quantity supplied? 2. Express the law of supply...
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This document was uploaded on 01/16/2014.

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