2. The Law of supply states that producers/suppliers are usually willing and able to produce/supply more of a good or service as the price goes up.
3. How is the Law of Supply different from how you think as a consumer?
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7. The Law of Demand states That consumers are willing and able to buy more of a good or service as the price goes down
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9. 40 35 30 25 20 15 10 5 00 Price Per T-shirt 5 10 15 20 25 30 35 40 45 50 Number of t-shirts purchased D1 D2 The Demand for T-shirts decreases as the price went up from $20 to $25 The Demand for T-shirts increased. Consumers were willing to buy more t-shirts (30) @ $20.
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11. When there is a decrease the D2 curve will be placed to the left of the D1 curve 5 10 15 20 25 30 35 40 45 50 Number of t-shirts purchased D1 D2
