The amount of a good that sellers are willing and able to supply at a given price Quantity Supplied.
What is Quantity Supplied?
- The quantity supplied of a good is the amount of the good that sellers are willing and able to supply at a given price.
- This is different from a supply curve, which shows the entire relationship between the price of a good and the quantity of the good supplied.
- A supply schedule is a table that shows this relationship.
- The law of supply states that, other things being equal, the quantity supplied of a good increases when the price of that good rises.
- You can see the law of supply graphically in the upward-sloping supply curve.
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