ECO 304L Lecture Notes - Lecture 5: Economic Equilibrium, Shortage
Document Summary
Complete the following table by selecting the term that matches each definition. The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises. A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices. The amount of a good that sellers are willing and able to supply at a given price. A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices. Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your boss would like your help on a marketing research project he is conducting on the relationship between the price of juice and the quantity of juice supplied.
