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Unformatted text preview: the quantity supplied of a good rises as the price of the good rises-Law of Supply P Q .05 400 .1 500 .15 600 .2 700 .25 800 q p The sum of individual supply curves-Market Supply: Shifts in supply are caused by a change in anything other than price-If supply increases the curve shifts OUT to the right-If supply decreases the curve shifts in to the left Movement along the supply curve is caused by a change in price Decrease Increase Econ 1BB3 Lecture 7 January-20-11 2:35 PM 1BB3 Lecture 7 Page 1...
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- Spring '10