$5.$ Supply: Basic concepts

Complete the following table by selecting the term that matches each definition.

Definition

Quantity Supplied

Supply Curve

Supply Schedule

Law of Supply

A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices

The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises

A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices

The amount of a good that sellers are willing and able to supply at a given price

Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.

Your professor claims that one of the curves found on the following graph correctly illustrates the supply curve for records:

$0$

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

$10$

$20$

$18$

$16$

$14$

$12$

$10$

$8$

$6$

$4$

$2$

$0$

PRICE $($Dollars per Record$)$

QUANTITY $($Millions of Records$)$

S

$2$

S

$1$

Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for records must be $.$ Moreover, you know that at a price of $$10$ per record, the is five million records.