Law of Supply
Qs
Quantity Supplied.
As the price of a good increases, the quantity supplied increases. As the price of a good decreases, the quantity supplied decreases.
Law of Supply
The same good being supplied and only the price has changed.
Change in Quantity Supplied.
Graph 1
This is a demand curve.
McClure's first name.
Michael
Where trade happens.
Markets
Shows price and quantity supplied.
Supply Schedule
Is an "ingredient" or can be used to make another good/service.
Change in resource cost.
Graph 2
No connecting line.
McClure's favorite band.
The Beatles
Equals more money.
More supply or demand.
As $↓, Qs↓
As $↑, Qs↑
Law of Supply Formula
A seller exits the market.
Technological improvement
Graph 3
Point is graphed incorrectly.
McClure's favorite game.
Red Dead Redemtion 2
These are needed for supply to occur.
Willingness and ability to sell.
The number of units of a good produced and offered for sale at a specific price.
Quantity Supplied
Price is expected to change in the future.
Future Price Expectation
Graph 4
Qd where Qs should be.
McClure's pet.
A fish
Main goal of sellers.
To make money
Shows the amount of a good sellers are willing and able to sell at various prices.
Supply curve
The weather is bad.
Change in weather
Graph 5
McClure's favorite food.
Italian