| A | B |
|---|
| Supply | amount of a product offered for sale at all possible prices |
| Law of Supply | when price goes up amount supplied goes up when price goes down the amount supplied goes down |
| change in quantity supplied | change in the amount sold due to a change in price |
| change in supply | change in the aount supplied at all prices |
| subsidy | government payment to encourage or protect certain activitu |
| supply elasticity | responsiveness of supply to changes in price |
| elastic supply | a large change in supply due to a price change |
| inelastic supply | a small change in supply due to a price change |
