Law of Supply

Front

What does the law of supply state?

Back

If the price goes up, the quantity supplied goes up

Front

When talking about a particular quantity supplied, what term should be used?

Back

Quantity Supplied

Front

What is the relationship shown in the supply schedule?

Back

Price and Quantity Supplied

Front

In Scenario A, at a price of $1 per pound, how many pounds of grapes are produced?

Back

1000

Front

In Scenario B, at a price of $2 per pound, how many pounds of grapes are produced?

Back

2000

Front

In Scenario C, at a price of $3 per pound, how many pounds of grapes are produced?

Back

3000

Front

In Scenario D, at a price of $4 per pound, how many pounds of grapes are produced?

Back

2750

Front

What is the minimum price needed to start producing grapes?

Back

$0.50

Front

What is represented on the vertical axis of the supply curve?

Back

Price per Pound

Front

What is represented on the horizontal axis of the supply curve?

Back

Price per Pound