The document discusses the law of supply, which states that the quantity supplied of a good rises as the price rises and falls as the price falls, assuming other factors remain constant. It provides a supply schedule and graph to illustrate this relationship. The document then notes some exceptions to the law of supply, such as auction sales, when sellers prioritize selling goods quickly due to financial need. It also discusses exceptions related to sellers' price expectations, stock clearances, fears of goods becoming outdated, and perishable goods that must be sold before expiring.