The Law of Supply
Students will define and illustrate the law of supply, explaining the direct relationship between price and quantity supplied.
Key Questions
- Explain why producers offer more goods at higher prices.
- Analyze the relationship between production costs and quantity supplied.
- Predict how a change in price will affect quantity supplied for a specific good.
Ontario Curriculum Expectations
Suggested Methodologies
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More in Market Mechanics: Supply and Demand
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