Again supply refers to the willingness and ability of

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ey mean when they use the words quantity supplied. Again, supply refers to the willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices. For example, a supply of new houses in the housing market means that firms are currently willing and able to produce and offer to sell new houses. 05 (110-127) EMC Chap 05 11/17/05 4:51 PM ? Page 113 Are You Nicer to Nice People? B usiness firms supply cars, clothes, food, computers, and much more. The quantity of each good or service they supply depends on price. According to the law of supply, the higher the price, the greater the quantity supplied. In other words, the higher the price of notebook paper, the greater the quantity supplied of notebook paper. Do you think the law of supply might apply to personal, as well as business, situations? Do you think people might behave differently toward others depending on the reactions to their emotions and behavior? Let’s look at some examples of one “product” that people...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online