Microeconomics

Supply Curve

A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices

Supply Schedule

A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices

Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be _______. Moreover, you know that at a price of $10 per CD, thequantity supplied _________ is five million CDs.

S1, quantity supplied

Quantity supplied

The amount of a good that sellers are willing and able to supply at a given price

Law of Supply

The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises