Chapter 5 Review

A measure of how the quantity supplied responds to a change in price.

• supply elasticity

• supply curve

• supply

• supply schedule

Situation where different amounts are offered for sale at all possible prices in the market; shift of the supply curve.

• change in supply

• change in quantity supplied

• quantity supplied

• market supply curve

Amount offered for sale at a given price.

• change in supply

• market supply curve

• quantity supplied

• supply elasticity

A graph that shows the various amounts offered by all firms over a range of possible prices.

• change in supply

• supply curve

• market supply curve

• supply elasticity

Change in amount offered for sale when the price changes.

• supply elasticity

• change in supply

• change in quantity supplied

• quantity supplied

Amount of a product offered for sale at all possible prices.

• subsidy

• quantity supplied

• supply

• supply elasticity

A table showing how much a producer will supply at all possible prices.

• supply curve

• supply schedule

• market supply curve

• supply elasticity

Principle that more will be offered for sale at higher prices than at lower prices.

• market supply curve

• supply curve

• Law of Supply

• change in supply

Government payment to encourage or protect a certain economic activity.

• supply

• supply elasticity

• subsidy

• supply schedule

What is the effect of import restrictions on prices?

• They cause prices to drop.

• They cause prices to rise.

• They often cause prices to rise steeply and then drop.

• They usually do not have any lasting effect on price.