Fill in the blanks to make the following statements correct. a. The term quantity supplied refers to
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Fill in the blanks to make the following statements correct.
a. The term quantity supplied refers to ___________ sales by producers, whereas quantity exchanged refers to ___________ sales by producers.
b. Quantity supplied refers to the quantity of widgets supplied per period of ___________. “The quantity supplied of widgets is 1000 units” is not meaningful unless we know the ___________ period over which the 1000 units are supplied. Quantity supplied is a ___________ variable.
c. A supply curve represents the relationship between and ___________, ceteris paribus. The positive slope indicates that when the price increases, quantity supplied ___________.
d. Six important causes of shifts in the supply curve are:
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