Short Answer and Numeric Questions: 1. What is the law of supply? 2. 1I.l'|..r'hat infiuences lead to a change in the quantity supplied? A change in supply? 3. The table below gives the supply schedule for the three pizza producers in a small town. Calculate the market supply schedule Price [dollars per pizza} Quantity Supplied [Pizza per Day Fill In the blanks The {quantity supplied; supply} of a good is the amount people are willing and able to sell during a specied period at a specified price. The law of supply states that other things remaining the same, ifthe price of a good rises, the quantity supplied _ A supply curve is {upward downward) sloping. A change in the price of good changes [supply' the quench! suppiied} and is illustrated by a the supply curve. Factors that change supply are . . . and . Additional Exercises Factories can use their resources to produce either D'v'Ds or CDs, In the market for DVDs, the following events occur one at a time. a. The price of a CD falls b. A new robot technology lowers the cost at producing D'v'Ds c. The price of a DVD falls d. The price of a DVD is expected to rise next year. s. The wage rate paid to DVD factory workers increases. 1. Explain the effect of each event on the supply of D'v'Ds {a to e] 2. Show on a graph the effect of each event 3. Does any event [or events}, from 'a - e' above. iiiustrate the law of supply