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The “Law of Supply” functions in the labor markets. That is, a higher ____________ for labor leads to a higher quantity of labor supplied. 

If a firm faces ______________, while the prices for the output the firm produces remains unchanged, a firm’s profits will increase. 

Supply is said to be _______ when the quantity supplied is very responsive to changes in price.

A student attends a community college which maintains a daily parking fee stucture (which includes night classes) and has night classes. Assume the following: “If I did not have class tonight, I would save the $4.00 campus parking fee and spend four hours at work. I earn $10.00 per hour.” What is the opportunity cost of attending class this evening? 

__________________ refers to the total number of units that are purchased at that price.

A change in the price of a good or service causes ________________ for that specific good or service.

The evidence on the supply of financial capital is controversial, but at least in the short run, the elasticity of savings with respect to the interest rate appears to be:

In many cases, it is reasonable to refer to the __________________ as the price.

A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the:

According to ____________________, it is necessary to give up some of one good to gain more of the other good.