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WANTS: This is often thought of as a psychological desire which makes life just a little more enjoyable, but which is not physiological necessary to life. You need oxygen, but you want a hot fudge sundae. Satisfaction is achieved by fulfilling wants.

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Lesson 6: Supply | Unit 3: Supply Curve Page: 10 of 19

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The area above the supply curve is the supply space.
  • The curve represents the minimum price that sellers would be willing to accept.
  • Sellers would be willing to accept more than the supply price on the supply curve, but not less.
Use your mouse arrow to highlight the supply curve and the supply space on this graph.

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MARGINAL FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a perfectly competitive firm with no market control is horizontal.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for cardboard boxes.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"Most of the things worth doing in the world had been declared impossible before they were done."

-- Louis D. Brandeis, Supreme Court Justice

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