MKT-3.C—a. Define (using graphs as appropriate) the law of supply. b. Explain (using graphs as appropriate) the relationship between price…

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

• A change in own-price causes a change in quantity supplied in the same direction and a movement along a supply curve.
• The market supply curve (schedule) is derived from the summation of individual supply curves (schedules). The market supply curve is upward-sloping.
• Enduring understanding MKT-3: Individuals and firms respond to incentives and face constraints.