MKT-2.C—a. Define (using graphs as appropriate) the law of supply. b. Explain (using graphs as appropriate) the relationship between the…

a. Define (using graphs as appropriate) the law of supply. b. Explain (using graphs as appropriate) the relationship between the price of a good or service and the quantity supplied.

• The law of supply states there is a positive relationship between price and quantity supplied, leading to an upward-sloping supply curve.
• Enduring understanding MKT-2: In a competitive market, demand for and supply of a good or service determine the equilibrium price.