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10 Cards in this Set

  • Front
  • Back
Quantity Supplied
The amount of a good that sellers are willing and able to sell.
Law of supply
The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises.
Supply schedule
A table that shows the relationship between the price of a good and the quantity supplied.
Supply curve
A graph of the relationship between the price of a good and the quantity supplied.
Equilibrium
A situation in which the price has reached the level where quantity supplied equals quantity demanded.
Equilibrium price
The price that balances quantity supplied and quantity demanded.
Equilibrium quantity
The quantity supplied and the quantity demanded at the equillibrium price.
Surplus
A situation in which quantity supplied is greater than quantity demanded.
Shortage
A situation in which quanitity demanded is greater than 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.