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Supply

Basic definitions and terms regarding supply

QuestionAnswer
supply refers to the willingness and ability of producers to offer goods and services for sale.
supply schedule This is a table that shows how much of a good or sevice an individual producer is willing and able to offer for sale at each price in a market.
supply curve This is a graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price.
law of supply This law states that producers are willing to sell more of a good or service at a higher price than they are at a lower price.
market supply curve A graph that shows how much of a good or service all producers in a market are willing and able to offer for sale at each price.
Created by: ndsamson