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EQUILIBRIUM: The state that exists when opposing forces exactly offset each other and there is no inherent tendency for change. Once achieved, an equilibrium persists unless or until it is disrupted by an outside force.

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SUPPLY CURVE: A graphical representation of the relationship between the supply price and quantity supplied (that is, the law of supply), holding all ceteris paribus supply determinants constant.

     See also | supply | supply price | quantity supplied | law of supply | ceteris paribus | supply determinants | supply space | supply shock | demand curve | market |


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SUPPLY CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: August 8, 2022].


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MARGINAL UTILITY-PRICE RATIO

The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.

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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for cardboard boxes.
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