Supply Flashcards
What is the definition of supply
the quantity of a good or service that a producer is both willing and able to provide at any given range of prices over a period of time.
What is a supply schedule
A table that sets out the quantity of a good or service that a producer is willing and able to provide at a range of prices within a given time frame.
What is a supply curve
A graph that sets out the quantity of a good or service that a producer is willing and able to provide at a range of prices within a given time frame.
What is the definition of the law of supply
As the price rises the quantity supplied will increase or vice versa assuming ceterius paribus
What does the term willing and able mean in terms of supply defintion
Willing is the producer wants to produce the good or service.
Able is where the producers have the means to produce the good or service.