Supply: the amount of goods available. The amount of a product that producers are willing and able to sell at a given price.
Law of Supply: If prices are higher, producers are willing to offer more of that good up for sale.
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Supply Schedule verse Supply Curve: The supply schedule is a table which lists the quantity of goods supplied at various prices. The graph showing what is being supplied is the supply curve. Normally it slants up to the left.
Quantity Supplied: A point on the supply curve.
Quantity Supplied: A point on the supply curve.
- Using the above example, the point on which Karen’s T-Shirts lands on is a lower quantity supplied then Morgan’s T-Shirts.
In the situation above a lot of people demanded the gadgets, yet not enough were supplied.