Supply
The Supply Curve: The Relationship between Price and Quantity Supplied
Quality supplied
The amount of a good that sellers are willing and able to sell
Demand higher then the quality supplied is high
When demand low than quality supplied is low
this relationship is know as the
Law of Supply
law of supply
the claim that other things equal, the quantity of supplied of a good rises when the price
of the good rises
supply schedule
a table that shows the relationship between the price of a good and the quantity supplied
price rises supply more
as price decrease doesn’t supply
holding constant that everything else that influences how producers of the good want to
sell
supply curve
the curve relating to the price and quantity supplies
a graph of the relationship between the price of a good and the quantity supplied
Market Supply vs. Individual Supply
Demand=sum of the demands of all buyers
market supply
is the sum of the supplies of the sellers
sum of two individual supplies
(as demand) sum the individual supply curves horizontally to obtain the
market supply
curve
TO find the total quantity supplied
Add the individual quantites
Which are found on the horizontal axis
This
preview
has intentionally blurred sections.
Sign up to view the full version.
Market supply curve shows:

This is the end of the preview.
Sign up
to
access the rest of the document.
- Spring '10
- Olson
- Supply And Demand
-
Click to edit the document details