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
I agree on all seven
To check the given answers, we can go through each option and match it with the correct statement:
1. The principle that suppliers will normally offer more for sale at higher prices and less at lower prices is known as the "law of supply". The answer "law of supply" matches correctly with this statement.
2. The combined supply schedules of all businesses providing the same good or service are referred to as "market supply". The answer "market supply" matches correctly with this statement.
3. Methods or procedures used to make products are referred to as "technology". The answer "technology" matches correctly with this statement.
4. Lowering taxes can help increase supply. The answer "taxes" matches correctly with this statement.
5. The measurement of how the quantity supplied changes in response to price changes is referred to as "supply elasticity". The answer "supply elasticity" matches correctly with this statement.
6. A government-imposed maximum price charged for goods and services is known as a "price ceiling". The answer "price ceiling" matches correctly with this statement.
7. A product for which the quantity supplied varies little when prices increase or decrease is referred to as "supply inelastic". The answer "supply inelastic" matches correctly with this statement.
Please note that the answers provided above are based on the information given in the question, so it's important to verify the accuracy of the information independently if required.