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Learning Objectives

After completing this lesson, you will be able to:

  • explain the law of supply
  • explain that a supply curve is a graphical representation of the data in a supply schedule
  • describe the difference between supply and quantity supplied
  • explain why a supply curve shifts to the left or right
  • list the factors that cause a change in supply
  • explain the difference between movement along a supply curve and movement of the supply curve
  • state that a change in the price of good or service causes a change in the quantity supplied of that good or service