2. A graph of data points in the supply schedule creates which of the following?
a demand curve
a supply curve
the quanitity of goods demanded
the supply of goods available
3. What happens in the case of a product that has elastic supply when the price decreases?
Existing producers expand, and new producers enter the market.
Some producers produce less, and others drop out of the market.
Existing firms continue their usual output but earn less.
New firms enter the market as older ones drop out.
4. A supply schedule is characterized by which of the following?
It shows the quanitity supplied at only one price.
It shows the factors that could influence supply.
It is sensitive to changes in the costs of labor and parts.
It lists supply for a specific good.
a demand curve
a supply curve
the quanitity of goods demanded
the supply of goods available
3. What happens in the case of a product that has elastic supply when the price decreases?
Existing producers expand, and new producers enter the market.
Some producers produce less, and others drop out of the market.
Existing firms continue their usual output but earn less.
New firms enter the market as older ones drop out.
4. A supply schedule is characterized by which of the following?
It shows the quanitity supplied at only one price.
It shows the factors that could influence supply.
It is sensitive to changes in the costs of labor and parts.
It lists supply for a specific good.