Supply Definitions

The quantity of a good or service that firms are willing and able to sell at given prices in a given period of time

The quantity of a good or service that all firms plan to sell at given prices in a given period of time

The difference between total sales revenue and total costs of production

The money a firm receives from selling its output, calculated by multiplying the price by the quantity sold.

Determinants of supply, other than the good’s own price, that fix the position of the supply curve.

Measures the extent to which the supply of a good changes in response to a change in the price of a good.

A rightward shift of the supply curve.

A leftward shift of the supply curve.

Measures the extent to which the supply of a good changes in response to a change in the price of that good.