Basic definitions and terms regarding supply
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| 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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