Please give a detailed solution with an explanation.For the 2 blank answers here are the options:Blank Answer #1:a supply schedule or the law of supply or the quantity of combs supplied or a supply curveBlank Answer #2:X or Y 4. Supply: Basic conceptsComplete the following table by selecting the term that matches each definition.QuantitySuppliedSupplySupplyScheduleLaw ofDefinitionCurveSupplyA table showing the relationship between the price of a good and the amount of it that sellersare willing and able to supply at various pricesThe claim that, other things being equal, the quantity supplied of a good increases when theprice of that good risesThe amount of a good that sellers are willing and able to supply at a given priceA graphical object showing the relationship between the price of a good and the amount thatsellers are willing and able to supply at various pricesApply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.Your friend Yvette really struggles with understanding graphs. She shows you the following illustration and asks for your help interpreting it: Supply109821123467910QUANTITY (Combs)Fortunately, you recognize that the line on this graph is. When your friend asks you which value representsthe quantity of combs supplied at a price of $8 per comb, you tell her the value represented by the letterPRICE (Dollars per comb)

Answered: Quantity Supplied Supply Supply…

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 11PA

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Please give a detailed solution with an explanation.
For the 2 blank answers here are the options:
Blank Answer #1:
a supply schedule or the law of supply or the quantity of combs supplied or a supply curve
Blank Answer #2:
X or Y

4. Supply: Basic concepts
Complete the following table by selecting the term that matches each definition.
Quantity
Supplied
Supply
Supply
Schedule
Law of
Definition
Curve
Supply
A table showing the relationship between the price of a good and the amount of it that sellers
are willing and able to supply at various prices
The claim that, other things being equal, the quantity supplied of a good increases when the
price of that good rises
The amount of a good that sellers are willing and able to supply at a given price
A graphical object showing the relationship between the price of a good and the amount that
sellers are willing and able to supply at various prices
Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.
Your friend Yvette really struggles with understanding graphs. She shows you the following illustration and asks for your help interpreting it:

Supply
10
9
8
2
1
1
2
3
4
6
7
9
10
QUANTITY (Combs)
Fortunately, you recognize that the line on this graph is
. When your friend asks you which value represents
the quantity of combs supplied at a price of $8 per comb, you tell her the value represented by the letter
PRICE (Dollars per comb)

Expert Solution

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The law of supply reflects the positive relationship between supply and the price. It shows that the supply will increase with an increase in the price level, and vice-versa.

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