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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 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 O O O A table showing the relationship between the price of a good and the amount of O O 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 O O increases when the price of that good rises Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your friend Janet really struggles with understanding graphs. She shows you the following illustration and asks for your help interpreting it: 10, 10 Supply *Question AA.txt - Notepad PRICE (Dollars per notebook) File Edit Format View Help Blank 1: My answer is: the law of supply. The other choices are: a supply curve, the quality of notebooks supplied, a supply schedule Blank 2: My answer is: X. The other choice is: Y 100% QUANTITY (Notebooks) Ln 5, Col 24 Windows (CRLF) UTF-8 Fortunately, you recognize that the line on this graph is the law of supply . When your friend asks you which value represents the quantity of notebooks supplied at a price of $8 per notebook, you tell her the value represented by the letter x