Section 2
Supply
Book
Version 3
By Boundless
By Boundless
Boundless Economics
Economics
by Boundless
5 concepts
![Thumbnail](../../../../../../figures.boundless-cdn.com/20206/raw/simple-supply-and-demand.jpg)
The Law of Supply
The law of supply states that there is a positive relationship between the quantity that suppliers are willing to sell and the price level.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20377/square/supply.gif)
Supply Schedules and Supply Curves
A supply schedule is a tabular depiction of the relationship between price and quantity supplied, represented graphically as a supply curve.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20207/square/supply.gif)
Market Supply
Market supply is the summation of the individual supply curves within a specific market where the market is characterized as being perfectly competitive.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20271/square/5-supply-and-demand-curves.jpeg)
Determinants of Supply
Supply levels are determined by price, which increases or decreases supply along the price curve, and non-price factors, which shifts the entire curve.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20389/square/demand-right-shift-supply.jpg)
Changes in Supply and Shifts in the Supply Curve
The supply curve depicts the supplier's positive relationship between price and quantity.