{"id":5948,"date":"2016-08-04T21:05:35","date_gmt":"2016-08-04T21:05:35","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/masterybusiness2xngcxmasterspring2016\/?post_type=chapter&#038;p=5948"},"modified":"2019-01-05T01:41:20","modified_gmt":"2019-01-05T01:41:20","slug":"outcome-supply","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/chapter\/outcome-supply\/","title":{"raw":"Outcome: Supply","rendered":"Outcome: Supply"},"content":{"raw":"<h2>What you\u2019ll learn to do: explain the law of supply<\/h2>\r\nSo far you\u2019ve learned about the role of demand in economics\u2014which is the consumer side of the story. In this section, you\u2019ll learn about the producer\u00a0side of economics to\u00a0see what\u00a0factors impact the amount of goods\u00a0supplied in a\u00a0market. For example, suppose the global price of petroleum falls significantly. What do you think will happen to the supply of gasoline? How are supply and price connected? In the following readings\u00a0you\u2019ll examine the law of supply and see why this counterpart to \u201cdemand\u201d\u00a0is also essential to understanding economics.\r\n\r\nThe specific things you\u2019ll learn in this section include the following:\r\n<ul>\r\n \t<li>Explain the law of supply<\/li>\r\n \t<li>Explain a supply curve<\/li>\r\n \t<li>Explain the factors that can change\u00a0supply<\/li>\r\n<\/ul>","rendered":"<h2>What you\u2019ll learn to do: explain the law of supply<\/h2>\n<p>So far you\u2019ve learned about the role of demand in economics\u2014which is the consumer side of the story. In this section, you\u2019ll learn about the producer\u00a0side of economics to\u00a0see what\u00a0factors impact the amount of goods\u00a0supplied in a\u00a0market. For example, suppose the global price of petroleum falls significantly. What do you think will happen to the supply of gasoline? How are supply and price connected? In the following readings\u00a0you\u2019ll examine the law of supply and see why this counterpart to \u201cdemand\u201d\u00a0is also essential to understanding economics.<\/p>\n<p>The specific things you\u2019ll learn in this section include the following:<\/p>\n<ul>\n<li>Explain the law of supply<\/li>\n<li>Explain a supply curve<\/li>\n<li>Explain the factors that can change\u00a0supply<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-5948\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Outcome: Supply. <strong>Authored by<\/strong>: Linda Williams, Steve Greenlaw, and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":26,"menu_order":20,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Outcome: Supply\",\"author\":\"Linda Williams, Steve Greenlaw, and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-5948","chapter","type-chapter","status-publish","hentry"],"part":5747,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapters\/5948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/wp\/v2\/users\/26"}],"version-history":[{"count":8,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapters\/5948\/revisions"}],"predecessor-version":[{"id":10054,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapters\/5948\/revisions\/10054"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/parts\/5747"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapters\/5948\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/wp\/v2\/media?parent=5948"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=5948"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/wp\/v2\/contributor?post=5948"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/wp-json\/wp\/v2\/license?post=5948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}