Five is the quantity supplied at this price as you

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Unformatted text preview: produce and offer to sell five hamburgers when the price is $2 each. Five is the quantity supplied at this price. As you work your way through this chapter, you will see why it is important to know the difference between supply and quantity supplied. buy, and therefore pay for, niceness not with the currency of dollars and cents but with the currency of niceness. In other words, the nicer they are to you, the more they are paying you to be nice to them. Suppose a person can pay three prices of niceness: the very-nice price (high price), the moderately nice price, and the little-nice price (low price). Now consider two persons, Caprioli and Turen. Caprioli pays you the very-nice price, and Turen pays you the little-nice price. Will you be nicer to Caprioli, who pays you the higher price, or to Turen, who pays you the lower price? If you answer that you will be nicer to Caprioli, you are admitting that you will supply a greater quantity of niceness to the person who pays you more to be nice. You have found the law of supply in your behavior. Again, you are nicer to thos...
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