March 5, 2015

Homework Help: Economics

Posted by Taylor on Thursday, May 14, 2009 at 9:12pm.

Could you please check this

Directions: Match each item with the correct statement.

Here are the words:

supply elasticity
law of supply
price system
price ceiling
supply inelastic
supply curve
market supply

1. principle that suppliers will normally offer more for sale at higher prices and less at lower prices
Answer: law of supply

2. combined supply schedules of all businesses providing the same good or service
Answer: market supply

3. methods or procedures used to make products
Answer: technology

4. lowering these helps increase supply
Answer: taxes

5. measures how the quantity supplied changes in response to price changes
Answer: supply elasticity

6. goverment maximum price charged for goods and services
Answer: price ceiling

7. product for which quantity varies little when prices increase or decrease
Answer: supply inelastic

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