ECON 20B Lecture Notes - Lecture 5: Skimmed Milk, Sport Utility Vehicle, Price Floor

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Econ 20b - lecture 5 - demand and supply (cont. ) Quantity supplied - the amount of a good, service, or resource that people are. The law of supply willing and able to sell during a specified period at a specified price. If the price of a good rises, the quantity supplied of that good increases. If the price of a good falls, the quantity supplied of that good decreases of the good when all other influences on selling plans remain the same. Supply - the relationship between the quantity supplied of a good and the price. Supply schedule - a list of the quantities supplied at each different price when. Supply curve - a graph of the relationship between the quantity supplied and the all other influences on selling plans remain the same price of the good when all other influences on selling plans remain the same.

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