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 Form 3 Business Studies: Demand and supply online lessons

Meaning of Supply schedule and supply curve and the law of supply

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Answer Text:
Supply schedule and supply curve:
-Supply schedule is a table that shows the quantities of goods that sellers are willing and able to offer for sale at a particular price within a specific period of time.
figdemand21720201131.JPG
Supply curve:
-Is a graphical representation of the supply schedule.
-The supply curve slopes upwards from left to right.
figdemand21720201132.JPG
The law of supply:
-states that, the higher the price, the higher the quantity supplied to the market and vice versa.


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