SUPPLY AND DEMAND CHART Supply Curve: Slopes upward to the right Why? Producers will produce more if the price is high- it will increase revenue Called.

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Presentation transcript:

SUPPLY AND DEMAND CHART

Supply Curve: Slopes upward to the right Why? Producers will produce more if the price is high- it will increase revenue Called Upward Sloping

It can shift to the right (lower price, more quantity) Or it can shift to the left (higher price, less quantity) The more expensive a product becomes, the more suppliers are willing to supply it because it is profitable

Demand curve slopes downward Why? People have limited resources/income The more expensive a good/service becomes, the less they are able to buy it DEMAND CURVE

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