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 Lesson 6: Supply | Unit 1: Selling Basics Page: 3 of 19

 Topic: Quantity Supplied <=PAGE BACK | PAGE NEXT=>

Second, quantity supplied.

Quantity supplied is the specific quantity of a good that sellers would be willing and able to sell at a specific price.

• Price and quantity supplied are a pair of numbers that go together.
Quantity supplied is not the same as supply.
• Supply is the entire range of prices and quantities (all pairs of numbers).
• Quantity supplied is a specific quantity at a specific price (a quantity paired with a price).

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AVERAGE PRODUCT CURVE

A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.

 BROWN PRAGMATOX[What's This?] Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.Your Complete Scope
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