Question

A university student made the following statement to a friend at a university sporting event: "This football stadium is a good example of how unrealistic economics is: my economics professor claims that according to a so-called 'Law of Supply,' supply varies directly with price, yet anybody can look around and see that the supply is fixed at 10,000 seats, no matter what the price is!" what was wrong with his statement? Explain.​

Answer 1

Explanation:

Byee bye say la lisa

Answer 2

Supply isn’t the same thing as the physical stock of a good or service that isavailable; rather, supply is
willingness to sell

Supply
doesn’t vary directly with price, it is
quantity supplied
that varies with price