A supply schedule is a table which shows how much one or more firms will be willing to supply at particular prices under the existing … See more

Movements along the curve occur only if there is a change in quantity supplied caused by a change in the good's own price. A shift in the supply curve, referred to as a change in … See more

The Law of Diminishing Marginal Returns (LDMR) shapes the SRMC curve. The LDMR states that as production increases eventually a point … See more

The market supply curve is the horizontal summation of firm supply curves.
The market supply curve can be translated into an equation. For … See more

Supply functions, then, may be classified according to the source from which they come: consumers or firms. Each type of supply function is … See more

By convention in the context of supply and demand graphs, economists graph the dependent variable (quantity) on the horizontal axis and … See more

A firm's short-run supply curve is the marginal cost curve above the shutdown point—the short-run marginal cost curve (SRMC) above the minimum average variable cost. … See more