21. Supply: Basic concepts Complete the following table by selecting the term that matches each definition. Quantity Supply Supply Law of Definition Supplied Curve Schedule Supply A graphical object showing the relationship between the price of a good and O O O O the amount that sellers are willing and able to supply at various prices The claim that, other things being equal, the quantity supplied of a good O O O O increases when the price of that good rises The amount of a good that sellers are willing and able to supply at a given O O O O price A table showing the relationship between the price of a good and the amount O O O O of it that sellers are willing and able to supply at various prices Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your coworker Edison is really concerned about a project that he has just been assigned. He is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report. If Edison's boss is interested in a graphical presentation of the relationship between the price and quantity of televisions supplied, you would advise your coworker to construct using the data provided. However, if Edison's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that a would be more appropriate