the supply curve are just two different ways of showing the same information. Notice that the horizontal and

vertical axes on the graph for the supply curve are the same as for the demand curve.

FIGURE 3.3 A Supply Curve for Gasoline The supply schedule is the table that shows quantity supplied of gasoline

at each price. As price rises, quantity supplied also increases, and vice versa. The supply curve (S) is created by

graphing the points from the supply schedule and then connecting them. The upward slope of the supply curve

illustrates the law of supply—that a higher price leads to a higher quantity supplied, and vice versa.

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

$1.00

$1.20

$1.40

$1.60

$1.80

500

550

600

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
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