Heavy Lifting - thoughts and web finds by an economist
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Monday, March 26, 2007

Supply curves are upward sloping?

Certain graphs tell the tale so well that descriptions are not necessary. From the Dallas Fed is this graph showing Texas Rig Counts versus Oil Prices. If the number of oil rigs on line is an indication of supply, then the yellow line is a great example of the law of supply: as the price increases, the quantity supplied increases.

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