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Individual Supply and Market Supply definitions

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  • Market Supply Curve
    Graphical representation showing total quantity offered by all suppliers at various prices in a market.
  • Individual Supply Curve
    Graph plotting the quantity a single supplier is willing to offer at different price points.
  • Quantity Supplied
    Amount of a good that suppliers are prepared to offer for sale at a specific price.
  • Law of Supply
    Principle stating that higher prices lead to greater quantities offered by suppliers.
  • Price Axis
    Vertical line on a graph indicating the range of possible prices for a good.
  • Quantity Axis
    Horizontal line on a graph showing the range of quantities supplied.
  • Graphical Representation
    Visual display, often a line or curve, illustrating relationships between price and quantity.
  • Summation
    Process of adding individual quantities from all suppliers to determine total market supply.
  • Supplier
    Entity or business offering goods for sale in response to market prices.
  • Price Level
    Specific value on the price axis used to determine corresponding quantities supplied.
  • Market
    Environment where buyers and sellers interact to exchange goods and services.
  • Supreme Pizza
    Example product used to illustrate how quantities supplied change with price.
  • Papa Yums
    Hypothetical supplier used to demonstrate individual supply responses in the market.
  • Domino
    Another hypothetical supplier used to show variation in supply at different prices.