The following supply schedule shows . Price per Pound Quantity Supplied $3.00 730 $3.20 720 $3.40 700 $3.60 650 $3.80 600 $4.00 540 Select the correct answer below: 1. a supply curve that does not satisfy the Law of Supply 2. an inverted demand curve 3. a shift of the supply curve 4. none of the above

Option (1) is correct.

Explanation:

Given supply schedule indicates the various quantities of goods supplied at the corresponding price of the goods.

Law of supply states that there is a positive relationship between the price of the commodity and the quantity supplied of that commodity. This means that as the price of the commodity increases then as a result the quantity supplied of that commodity also increases and as the price of the commodity decreases then as a result the quantity supplied of that commodity also decreases.

Given supply schedule violates the law of supply because this schedule indicates that as the price of the commodity increases then as a result the quantity supplied of that commodity decreases.

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