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Supply What is supply? Law of Supply • Supply- various quantities of a good or service that producers are willing to sell at all possible market prices • The law of supply states that the higher the price, the higher the profit for the seller. Therefore, supply is the same (as it relates to the direction of prices and quantity supplied) Supply Schedule and Curve • Supply schedule- relationship between price and the quantity supplied. • A supply curve is a GRAPH that shows the amount of a product that would be supplied at all possible prices in the market. Supply Curve • Unlike the demand curve, the supply curve slopes upward. This reflects the fact that suppliers are generally willing to offer more goods and services at a higher price and fewer at a lower price. Market Supply • The total supply schedules for all businesses that provide the same good or service is called the market supply. • The price is the most important influence on the quantity of any product supplied as reflected in the supply curve. • When someone looks for a job, his or her economic product is labor. Review • Describe the difference between the supply curve and the supply schedule. • The schedule is in table form that shows various quantities of a good or service that a business will offer • Curve is a graph • How does the incentive of greater profits affect the quantity supplied? • Higher profits cause suppliers to produce more