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Logan Sedelmaier Scarse- something that is not readily available to everyone who wants to buy it. Scarse pay for not Scarse Dont pay for SAT tutoringSea Water Mp3 of brothel keeper GagaNuclear Waste What are the types of resources? -resource: anything used to make something else. undercoat intrinsic resources Labor- time of workers Capital- cash SUPPLY The Law of Supply Supply- the keep down of goods available Law of Supply- the higher(prenominal)(prenominal) the scathe, the larger the quantity bugger offd. cadence Supplied-term used to describe how oft of a good is offered for barter at a unique(predicate) charge. The law of supply develops from the choices of both veritable and new producers of a good As set of a good rises, existing firms lead produce to a greater extent in roam to put on superfluity revenue If the price of a good falls, some firms lead produce little, and others might drop out of the market These cardinal movements com bine to micturate the law of supply Higher doing If a firm is already earning a profit by selling a good, then an affix in the price - all other things remaining relate - will extend the firms profits. The promise of higher revenues for each deal encourages the firm to produce more subject: if the price of pizza pie rises, but the firms cost of do pizza stays the same, then it will earn more profit.

Example: if the price of pizza goes down, the pizzeria will earn less profit per slice or lose money The await for profit drives a suppliers decisions The Supply history connatural to a demand scr oll, a supply schedule shows the human rela! tionship between price and quantity supplied for a specific good. outlay of a slice| Slices supplied / day| $0.50| hundred| $1.00| 150| $1.50| cc| $2.00| 250| $2.50| 300| $3.00| 350| Shows how the price of pizza, and only the price of pizza, affects the pizzerias takings All of the other factors that could swop the restaurants output decisions, such as the be of tomato sauce,...If you want to break a full essay, order it on our website: OrderCustomPaper.com

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