The Law of Supply

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The graph shows a supply curve.

Which change is illustrated by the shift taking place on this graph?

a decrease in supply

All things being equal, when producers sell goods for a lower price, they make

less money.

A supply schedule shows how prices affect the

quantity of a good supplied by a producer.

This graph shows a supply curve.

What happens when the price of a good increases?

The quantity of goods that are produced increases.

A farmer must sell a supply of one hundred apples before the end of the day or they go to waste. Which best describes his supply of apples?

inelastic

When a company produces goods for sale, those goods must be

created in ways that meet consumer demand.

The law of supply demonstrates the behaviors of producers when they

supply goods to consumers.

The study of the interaction between individuals and businesses is known as

microeconomics.

Which best describes what happens to the amount of a good or service that is supplied to consumers?

The amount of a good or service can change.

The law of supply states that as the price of a good rises, the quantity supplied of that good

increases.

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