Quantity supplied refers to the amount of a good or service that producers are willing and able to offer for sale at a given price during a specific period.
Imagine you have your own lemonade stand. The quantity supplied would be how many cups of lemonade you're ready to make and sell based on different prices. If lemons become expensive, you might reduce your supply because it's not as profitable anymore.
Supply: Supply refers to the entire relationship between the price of a good or service and the quantity supplied by producers.
Law of Supply: The law of supply states that there is a direct relationship between price and quantity supplied. As price increases, producers are motivated to supply more goods or services.
Market Supply: Market supply represents the sum total of all individual quantities supplied by producers in a market at various price levels.
A product has a price elasticity of supply coefficient of 0.8. If the price increases by 10%, what is the expected percentage change in quantity supplied?
When the quantity supplied exceeds the quantity demanded in a market, which of the following is likely to occur?
When the quantity demanded equals the quantity supplied in a market, what is the state called?
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