Homework Help Forum: 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 technology price ceiling supply inelastic supply curve shortage market supply taxes 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

• Economics - economyst, Friday, May 15, 2009 at 8:49am

  I agree on all seven

  
  

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