Name: Economics Dr. Jolibois 3/26/24 Law of Supply LO: How does the law of supply explain the relationship between price and quantity supplied? Do Now: Read the scenario below and answer the questions that follow Suppose that you read the following article in the newspaper: Meteorologists announced today that this has been the warmest winter in 57 years. The unusual weather has affected local businesses. According to Pasha Dubrinski, owner of Pasha's Outerwear, sales of winter parkas are 17 percent lower than last year. Dubrinski said, "Instead of buying down-filled parkas, people have been buying substitute items such as leather coats." Across town, Michael Ellis, owner of Home Hardware, said that his sales of snow blowers are also down. "Next week, I will cut the price. That will increase demand." Are these two store owners correct in the way they use economic terms? Explain your