The document defines supply as the total quantity of a product or service available in the marketplace. It explains that quantity supplied represents how many units a firm is willing and able to offer at a given price and time period. It also notes that a supply schedule shows the quantity supplied at different prices, while a supply curve graphs this relationship, and that the law of supply states that as price increases, quantity supplied also increases, so supply curves have a positive slope. It concludes by providing a supply function for detergent bar soap and asking to complete the schedule and sketch the graph.

1. Supply

2. SUPPLY
the total quantity of a product
or service that the marketplace
can offer

3. QUANTITY SUPPLIED
represents the number of units of a
product that a firm would be willing
and able to offer for sale at a
particular price during a given time
period.

4. Supply Schedule
a table showing
how much of a
product firms will
supply at
different prices.

5. Supply Curve
a graph
illustrating how
much of a
product a firm
will supply at
different prices.

6. The Law of Supply
• The law of supply
states that there is a
positive relationship
between price and
quantity of a good
supplied.
• This means that
supply curves
typically have a
positive slope.

7. Problem:
The supply function for detergent bar soap is
given by Qs = -5 + 3p. Complete the demand
schedule and sketch the graph.
Price Quantity Supplied
16
55
64
25

11. Supply Curve for Detergent Bar
Soap

12. End