Supply Definitions

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  1. Supply
    The quantity of a good or service that firms are willing and able to sell at given prices in a given period of time
  2. Market Supply
    The quantity of a good or service that all firms plan to sell at given prices in a given period of time
  3. Profit
    The difference between total sales revenue and total costs of production
  4. Total Revenue
    The money a firm receives from selling its output, calculated by multiplying the price by the quantity sold.
  5. Conditions of Supply
    Determinants of supply, other than the goodÂ’s own price, that fix the position of the supply curve.
  6. Price Elasticity of Supply
    Measures the extent to which the supply of a good changes in response to a change in the price of a good.
  7. Increase in Supply
    A rightward shift of the supply curve.
  8. Decrease in Supply
    A leftward shift of the supply curve.
  9. Price Elasticity of Supply
    Measures the extent to which the supply of a good changes in response to a change in the price of that good.

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Author:
Anonymous
ID:
318692
Filename:
Supply Definitions
Updated:
2016-04-10 14:47:19
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Supply Definitions
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Supply Definitions
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