supply

• supply: the ability and willingness of firms to provide goods and services at each price in a period of time
• law of demand for most products the quantity supplied varies directly with price
• individual supply: the supply of a good or service by an individual producer
• market supply: the total supply of a good or service as a result of adding together all individual producers supplies
• unitary supply: when the percentage change of the quantity is the same as the percentage change in price
• elastic supply: the change in quantity supplied is greater than percentage change in price
• inelastic supply: when the percentage change in price is greater than the percentage change in quantity supplied