7.What is a supply schedule?

The relationship between price of a product and its quantity supplied is represented in a table called a supply schedule.

8.What is a supply curve?

Supply curve: the graphical representation of how supply varies as prices change.The supply curve is a graphic representation of the market supply schedule and the law of supply.

9.What does supply curve enable producers to anticipate?

The supply curve enables producers to anticipate what the supply would be for those prices falling in between the prices that are in the supply schedule.

10.What does each point along the curve represent?

Each point along the supply curve represents a different price-quantity combination, showing a direct relationship between the quantities of products that firms are willing to produce and sell at various prices, all non-price factors being constant. Sloping upward from left to right the supply curve reflects that producers supply more at a higher price and less at a lower price.

11.What does a price change lead to? Price is an important determinant of the quantities supplied. The law of supply states that the amount offered for sale rises, as the price is higher

12.Why do producers supply more goods at a higher price than at a lower price? The quantity of pairs of cut jeans producers are willing to offer for sale rises, since their price is higher primarily because they need to cover the increased costs of production.

13.When and why do suppliers increase their production and rise prices?

14.What is the difference between a change in quantity supplied and a change in supply?  The quantity supplied refers to the amount of a certain product producers are willing to supply at a certain price. A change in the price of the product will cause a change in the quantity supplied.

15.What does the quantity supplied depend on?

16.What role do prices play for producers?

17.How does the price of a commodity affect the quantity supplied?

18.What causes a supply curve to shift?

19.What is a change in supply caused by?

20.What are the key non-price determinants of supply? The cost of production is probably one of the most important effects on production process.

21.How does the cost of production affect the behavior of producers?

The cost of production is probably one of the most important effects on production process. An increase in the costs of any input brings about the lower output. Regardless of the price that a firm can charge for its product, price must exceed costs to make a profit. Thus, the supply decision is a decision in response to changes in the cost of production.

22.What does the introduction of new technology result in? Changes in technology usually result in improved productivity. Improved technology decreases production costs and therefore increases supply.

23.Why is it important for producers to use cheap inputs in their production processes?

24.How do future expectations affect the quantity supplied?

Changes in producers' expectations about the future price can cause a change in the current supply of products. If producers anticipate a price rise in the future, they may prefer to store their products today and sell them later. As a result, the current supply of a particular product will decrease.