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AGGREGATE MARKET EQUILIBRIUM: The state of equilibrium that exists in the aggregate market when real aggregate expenditures are equal to real production with no imbalances to induce changes in the price level or real production. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) exactly offset each other. The four macroeconomic sector (household, business, government, and foreign) buyers purchase all of the real production that they seek at the existing price level and business-sector producers sell all of the real production that they have at the existing price level. The aggregate market equilibrium actually comes in two forms: (1) long-run equilibrium, in which all three aggregated markets (product, financial, and resource) are in equilibrium and (2) short-run equilibrium, in which the product and financial markets are in equilibrium, but the resource markets are not.
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![](../images/a1.gif) ![](../images/b1.gif) ![](../images/c1.gif) ![](../images/d1.gif) ![](../images/e1.gif) ![](../images/f1.gif) ![](../images/g1.gif) ![](../images/h1.gif) ![](../images/i1.gif) ![](../images/j1.gif) ![](../images/k1.gif) ![](../images/l1.gif) ![](../images/m1.gif) ![](../images/n1.gif) ![](../images/o1.gif) ![](../images/p1.gif) ![](../images/q1.gif) ![](../images/r1.gif) ![](../images/s1.gif) ![](../images/t1.gif) ![](../images/u1.gif) ![](../images/v1.gif) ![](../images/w1.gif) ![](../images/x1.gif) ![](../images/y1.gif) ![](../images/z1.gif) ![](../images/nbr1.gif) SUPPLY SCHEDULE: A table that illustrates the alternative quantities of a commodity supplied at different prices. A supply schedule is a simple means of summarizing information about supply price and quantity supplied for a particular good. It is used to highlight the law of supply. It can also be used to derive a supply curve. A supply schedule is a useful set of information that can summarize several of the more important aspects of supply. Setting Up the TableSupply Schedule | ![Supply Schedule](../images/MkSp31.gif) | The table in this exhibit displays the Shady Valley supply schedule for stuffed Yellow Tarantulas, a cute and cuddly stuffed creature from the Wacky Willy Stuffed Amigos line of collectibles.This table contains three columns. The first contains reference labels A, B, C, etc. for each price-quantity pair. The second is the supply price, ranging from $5 to $50. And the third is the quantity supplied, ranging from 0 to 900 Yellow Tarantulas. This schedule assumes other ceteris paribus factors remain unchanged and that the quantities are those supplied during a one year time period. Running Through the NumbersHere are a few observations about this supply schedule. - First, as the price increases from a low of $5 to a high of $50, the quantity supplied of Yellow Tarantulas increases from 0 to 900. Higher prices are related to larger quantities. This relation, this direct relation between supply price and quantity supplied, IS the basic law of supply.
- Second, the quantities in the schedule represent maximum values. That is, if the price is $10, then the maximum quantity supplied is 100 Yellow Tarantulas. It is not 150, nor even 101, but only 100. Alternatively, the prices in the schedule represent minimum values. If sellers offer 100 Yellow Tarantulas for sale, then the minimum supply price they are willing and able to accept is $10, not $5, not even $9.99, but $10.
- Third, this whole schedule, all ten pairs of the price-quantity numbers (and all others that could be included) is supply. Supply is the entire range of prices and quantities, all pairs. In contrast, quantity supplied is any specific number of Yellow Tarantulas sellers are willing and able to sell at a specific supply price. Selecting a different price generates a different quantity supplied.
- Fourth, these numbers are hypothetical, not just in the sense that they were made up to illustrate supply, but in the sense that they suggest a "What if" relation. This particular schedule does not indicate the actual supply price of Yellow Tarantulas nor the actual quantity supplied. It only indicates quantity supplied given the supply price, or supply price given the quantity supplied. If, for example, the supply price is $10, then sellers are willing and able to sell 100 Yellow Tarantulas. This does not mean that sellers will sell, are selling, or ever will sell 100 Yellow Tarantulas. It only indicates what they would sell at a $10 price.
![](../images/aw_sm.gif) Recommended Citation:SUPPLY SCHEDULE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024]. Check Out These Related Terms... | | | | | | | | | | | Or For A Little Background... | | | | | | | | | | | | | And For Further Study... | | | | | | | | |
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RED AGGRESSERINE [What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for the last item on a shelf. Your Complete Scope
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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CCA Capital Cost Allowance
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