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Chapter 5, Section 1
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
Understand and be able to explain the law of
supply
Be able to graph supply curves from supply
schedules
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Supply—willingness and ability of
sellers to produce and sell different
quantities of a good at different
prices during a specified time
Law of Supply—As the price of a
good increases, the quantity supplied
(Qs) also increases
Is the relationship between price and
quantity supplied direct or inverse?
Direct!
Does “supply” differ from “quantity
supplied?” (Remember discussion
on demand and quantity demanded!)



Unlike demand
curves (which slope
downward), supply
curves slope upward
What does a vertical
supply curve
represent?
What does a horizontal
supply curve
represent?



Answer questions 1 and 5 on p. 116
Also tell me one thing you would like to know
about supply and/or demand (anything you
are curious about, or which is unclear)
Turn in for class participation credit
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