Across
- 2. What measures the responsiveness of changes in quantity supplied to changes in price?
- 4. What do you call a fall in the price of a good that leads to a decrease in quantity supplied? (3 words)
- 5. Which elasticity of supply refers to a situation when the percentage change in quantity supplied is exactly equal to the percentage change in price?
- 8. What do you call the difference between the market price, which the firm receives, and the price at which it is prepared to supply? (2 words)
- 11. What will happen to the quantity supplied of a good when its price rises, assuming that other variables remain the same?
- 12. If a product has many substitutes then its elasticity of supply will be relatively _____?
- 13. The _____ is when all factors of production involved in making a good are variable. (2 words)
- 14. An increase in quantity supplied will change the supply curve to shift to which direction?
- 16. What cartel is one of the largest diamond cartels in the world? (2 words)
- 17. What happens to supply when there is a rise in cost of production?
- 19. What happens to the cost of production when new technology is introduced to the production process?
Down
- 1. Supply curve shows that firms increase production of a good as its price increases, how will the supply curve look like? (2 words)
- 3. Who are known as the firms that work together to restrict supply? (2 words)
- 6. What is the main reason sellers increase quantity supplied when prices rise?
- 7. What is defined as the quantity of goods that sellers are prepared to sell at any given price over a period of time?
- 9. A higher production cost will change the supply curve to shift to which direction?
- 10. If producers expect prices to fall in the future, what happens to the production?
- 11. In the short term, supply is likely to be more price _____ than in the long term.
- 15. What plays a crucial role in determining supply especially in agricultural markets?
- 18. Movement along the curve means a change in?