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Lesson 6: Market 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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NUMBER OF SELLERS, SUPPLY DETERMINANT

The number of sellers willing and able to sell a good, which is assumed constant when a supply curve is constructed. The number of sellers is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and sellers' expectations.

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