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Economics

Ch 4 Supply and Prices

TermDefinition
supply the amount of goods and services business firms are willing and able to provide at different prices
law of supply a law stating that the higher the price buyers are willing to pay, other things being held constant, the greater the quantity of the product a supplier will produce and vice versa
supply schedule a tabular model noting the quantities of an item that suppliers are willing to produce at various prices
supply curve a graph illustrating the quantities of an item that suppliers are willing to produce at various prices
change in quantity supplied a situation in which the change in the price of an item causes a change in the number supplied
change in supply the shifting of a supply curve that occurs when suppliers are willing to produce more or less of an item regardless of price
decrease in supply a leftward shift of the supply curve indicating a decrease in the quality suppliers are willing to produce at any price
increase in supply a rightward shift in the supply curve indicating a willingness of business firms to produce more of an item at any given price
market equilibrium point the point at which the demand curve and the supply curve for an item intersect
market equilibrium price the price corresponding to the intersection of an item's supply and demand curves
surplus an excess of unsold products resulting from a price above the market equilibrium price
price floor a barrier preventing the price of an item from falling lower than a certain price
shortage an insufficient supply of an item as a result of a price below the market equilibrium price
price ceilings a barrier preventing the price of an item from rising above a certain price
Created by: winninghamp
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