640

680

TABLE 3.2 Price and Supply of Gasoline
52 3 • Demand and Supply

Price (per gallon) Quantity Supplied (millions of gallons)

$2.00

$2.20

700

720

TABLE 3.2 Price and Supply of Gasoline

The shape of supply curves will vary somewhat according to the product: steeper, flatter, straighter, or curved.

Nearly all supply curves, however, share a basic similarity: they slope up from left to right and illustrate the law

of supply: as the price rises, say, from $1.00 per gallon to $2.20 per gallon, the quantity supplied increases

from 500 gallons to 720 gallons. Conversely, as the price falls, the quantity supplied decreases.

Equilibrium—Where Demand and Supply Intersect

Because the graphs for demand and supply curves both have price on the vertical axis and quantity on the
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