SUPPLY

SUPPLY the amount of a good or service that producers are willing and able to produce at different prices

QUANTITY SUPPLIED- the amount of a good or service PRODUCERS will PRODUCE at a specific price on the supply curve

SUPPLY SCHEDULE- a list of the amount of a good or service PRODUCERS will PRODUCE at a variety of prices

Price per Greebe Quantity Demanded Of Greebes $1. $2. 100 400 $3. $4. 800 1,000 $5. 1,200 supply schedule for greebes

THE LAW OF SUPPLY: there is a direct relationship between the price of a good and the quantity producers are willing to produce

How does it work The Quantity supplied will increase as Prices go up The Quantity supplied will decrease as Prices go down

(Graphing the schedule) the SUPPLY CURVE or LINE- is a graphical representation of a supply schedule

(hundreds of Greebes per week) $8 $7 $6 S $5 PRICE per Greebe $4 $3 $2 $1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 QUANTITY (hundreds of Greebes per week)

What does that mean, a change in supply? So, what changes Supply? What does that mean, a change in supply?