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Supply is the amount of something you have, quantity supplied is the amount of something you are willing & able to supply.
2. Identify Main Ideas What is the law of supply?
You offer more of something if the price increases and less if it falls.
3. Apply Concepts What would be the variables on a supply schedule for a performer on tour?
Supply, Quantity Supplied, Law of Supply.
4. Contrast How are a market supply schedule and an individual supply schedule alike and different?
Individual supply is the supply of an individual producer at each price whereas market supply of the individual supply schedules of all producers in the industry.
5. Identify Cause and Effect Why do some industries have inelastic supply in the short term?
They grow and or prepare their goods years in advanced, so they can not change their quantity supplied.
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