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10 Cards in this Set
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- Back
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Quantity Supplied
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The amount of a good that sellers are willing and able to sell.
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Law of supply
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The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises.
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Supply schedule
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A table that shows the relationship between the price of a good and the quantity supplied.
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Supply curve
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A graph of the relationship between the price of a good and the quantity supplied.
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Equilibrium
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A situation in which the price has reached the level where quantity supplied equals quantity demanded.
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Equilibrium price
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The price that balances quantity supplied and quantity demanded.
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Equilibrium quantity
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The quantity supplied and the quantity demanded at the equillibrium price.
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Surplus
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A situation in which quantity supplied is greater than quantity demanded.
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Shortage
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A situation in which quanitity demanded is greater than quantity supplied.
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Law of supply and demand
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The claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.
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