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Think about it do you think that when it comes to the

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Unformatted text preview: e persons who pay you more (in the currency of niceness) to be nice. THINK 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 Shows? ??? 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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