What is the difference between a supply schedule and

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: ply? Are all supply curves upward sloping? What is the difference between a supply schedule and a supply curve? Key Terms supply law of supply direct relationship quantity supplied supply schedule supply curve What Is Supply? supply The willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices during a specific time period. law of supply A law stating that as the price of a good increases, the quantity supplied of the good increases, and as the price of a good decreases, the quantity supplied of the good decreases. direct relationship A relationship between two factors in which the factors move in the same direction. For example, as one factor rises, the other rises, too. 112 Chapter 5 Supply Like the word demand, the word supply has a specific meaning in economics. It refers to the willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices during a specific time period. The supply of a good or service requires both a supplier’s will...
View Full Document

Ask a homework question - tutors are online