Good's own price: The basic supply relationship is between the price of a good and the quantity supplied.
The coefficient is positive following the general rule that price and quantity supplied are directly related.
The curve depicts the relationship between two variables only; price and quantity supplied.
So in order to decide what quantity to supply you would have to form an expectation of the average, economy-wide price of the good.
It is a unit for measuring the quantity of water supplied.
In this case there is an excess supply, with the quantity supplied exceeding that demanded.
This determines the revenues of each firm (the industry price times the quantity supplied by the firm).
The result is a change in the price at which quantity supplied equals quantity demanded.
It is the point at which quantity demanded and quantity supplied are equal.
A supply schedule is a table that shows the relationship between the price of a good and the quantity supplied.
