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Unformatted text preview: e persons who pay you more
(in the currency of niceness) to
ABOUT IT Do you think that
when it comes to the
quantity supplied of niceness, most
people behave in a manner consistent with the law of supply? The Law of Supply in
Numbers and Pictures
We can represent the law of supply in
numbers, just as we did with the law of
demand. The law of supply states that as
price rises, quantity supplied rises. Exhibit 51(a) shows such a relationship. As the price
goes up from $1 to $2 to $3 to $4, the quantity supplied goes up from 10 to 20 to 30 to quantity supplied
The number of units of
a good produced and
offered for sale at a
specific price. Section 1 Understanding Supply 113 05 (110-127) EMC Chap 05 11/17/05 4:51 PM Why All the
Reality T V
I n 1992, MTV launched a program called The Real World.
Seven young people from across
the country came together in an
apartment in New York City. In
2000, CBS launched a show called
Survivor. The show placed people
on an island and then watched as
they tried to “outwit...
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This document was uploaded on 01/16/2014.
- Winter '14