ECON 1100 Lecture Notes - Lecture 4: Shortage, Economic Equilibrium
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18 Mar 2016
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: a table showing how much of a product a firm will sell at alternative prices. : market price, input prices, number of producers, technology, expectations. : a change in the quantity supplied results in a move along the supply curve, resulting from a change in the market price of a product. : a firms" supply curve is their individual supply for a product, whereas the market supply curve is multiple firms combined to show a cumulative quantity supplied at a given price. : the condition that exists when quantity supplied and quantity demanded are equal. : it is when demand exceeds the amount supplied, resulting in a shortage. : it is when supply for a good exceeds the amount demanded for that good, resulting in a surplus. : it is the point in the market where suppliers are supplying the amount of a good or service that is equal to the demand for that good or service.
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