Lecture Notes 2-23-10 - Notes: 2-23-10 Chapter 4 Supply:...

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Notes: 2-23-10 Economics T-Th A. Ordonez Chapter 4 809-195-3K1C 2/23/10 Supply: Quantity Supplied - is the amount of a good or service that sellers are willing and able to sell. The Law of Supply - states that, other things equal, the quantity supplied of a good or service rises when the price of the good or service rises. o Direct relationship - between price and quantity Price goes up then the quantity supplied goes up Price goes down then the quantity supplied goes down Supply Schedule - a table that shows the relationship between the price of a good or service and the quantity supplied. Ben's Supply Schedule Price of Ice cream cones Quantity of cones supplied $0.00 0 $0.50 0 $1.00 1 $1.50 2 $2.00 3 $2.50 4 $3.00 5 Supply Curve - a graph that shows the relationship between the price of a good or service and the quantity supplied. Market Supply - refers to the sum of all individual supplies for all sellers of a particular good or service. Ben's Supply
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Lecture Notes 2-23-10 - Notes: 2-23-10 Chapter 4 Supply:...

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