January 25 notes - output with a given amount of inputs 3...

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January 25, 2006 Quantity Supplied: the quantity of a good or service that a firm is willing to supply at a given price. Supply Schedule : a table that shows the relationship between the product price and quantity supplied. Supply Curve : a curve that shows the relationship between the product price and quantity supplied. Law of Supply : holding everything else constant, increases in price cause increases in the quantity supplied, and vice versa. Variables that Shift Supply : 1. Price of inputs 2. Technological Change a. A positive or negative change in the ability of a firm to produce a given level of
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Unformatted text preview: output with a given amount of inputs. 3. Prices of substitutes in production 4. Expected Future Prices 5. Number of firms in the market Market Equilibrium : a situation where quantity demanded equals quantity supplied. Competitive Market Equilibrium : market equilibrium with many buyers and many sellers. Surplus : a situation in which the quantity supplied is greater than the quantity demanded. Shortage : a situation in which the quantity demanded is greater than the quantity supplied....
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