Tags & Description
Surplus
________- a situation in which quantity supplied is greater than quantity demanded.
Shortage
________- a situation in which quantity demanded is greater than quantity supplied.
Supply schedule
________- a table that shows the relationship between the price of a good and the quantity supplied.
Law of supply
________ and demand- the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.
Market supply
________- the sum of the supplies of all sellers.
Supply curve
________- a graph of the relationship between the price of a good and the quantity supplied.