Fill in the correct labels for the following figure using the word bank below.
-C _________
Definitions:
Supply Curve
A graphical representation that shows the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, holding other factors constant.
Price-elastic
Refers to the responsiveness of the demand for a good to a change in its price; highly price-elastic goods see significant changes in demand when prices fluctuate.
Shifts to the Right
A phrase indicating an increase in supply or demand in economic graphs, typically showing improvement or growth.
Price Effect
Refers to the impact on consumer demand or the quantity demanded of a good when its price changes, holding other factors constant.
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