Supply
| Description: | Basic definitions and terms regarding supply |
| Category: | Marketing |
| Created by: | ndsamson on 2007-10-21 |
| Question | Answer |
| 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. |
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