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Definition
| The amount of goods & services business firms are willing & able to provide at different prices. |
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| 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 & vice versa. |
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| A tabular model noting the qualities of an item that suppliers are willing to produce at various prices. |
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| A graph illustrating the quantities of an item that suppliers are willing to produce at various prices. |
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| Change in Quantity Supplied |
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Definition
| A situation in which the change in the price of an item causes a change in the number applied. |
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Definition
| The shifting of a supply curve that occurs when suppliers are willing to produce more or less of an item regardless of price. |
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| A leftward shift in the demand curve representing a decrease in the quantity suppliers are willing to produce at any price. |
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Definition
| A rightward shift in the demand curve representing a willingness on the part of business firms to produce more of an item at any given price. |
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| The point at which the demand curve & the supply curve for an item intersect. |
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Definition
| The price corresponding to the intersection of an item's supply or demand curves; the price at which consumers are willing to buy the same quantity that suppliers are willing to produce. |
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Definition
| An excess of unsold products resulting from a price above the market equilibrium price. |
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| A barrier preventing the price of an item from falling lower than a certain price. |
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| An insufficient supply of an item as a result of a price below the market equilibrium price. |
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Definition
| Barriers preventing the price of an item from rising above a certain price. |
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