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:
- Fill in the blanks to complete the statements about a supply-and-
demand model, as applied in the following situations.
a. Consider the market for cement in Toronto. If, ceteris
paribus, half the producers in this market shut down, the
curve for cement will shift to the , indicating a(n)
in.
b. Consider the market for Canadian softwood lumber (a
normal good). If, ceteris paribus, average incomes in both
Canada and the United States rise over several years, the
