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  2. Supply (economics) - Wikipedia

    en.wikipedia.org/wiki/Supply_(economics)

    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. The portion of the SRMC below the shutdown point is not part of the supply curve because the firm is not producing any output. [13]

  3. Law of supply - Wikipedia

    en.wikipedia.org/wiki/Law_of_supply

    A supply is a good or service that producers are willing to provide. The law of supply determines the quantity of supply at a given price. [5]The law of supply and demand states that, for a given product, if the quantity demanded exceeds the quantity supplied, then the price increases, which decreases the demand (law of demand) and increases the supply (law of supply)—and vice versa—until ...

  4. Aggregate supply - Wikipedia

    en.wikipedia.org/wiki/Aggregate_supply

    Aggregate supply curve showing the three ranges: Keynesian, Intermediate, and Classical. In the Classical range, the economy is producing at full employment. In economics, aggregate supply (AS) or domestic final supply (DFS) is the total supply of goods and services that firms in a national economy plan on

  5. Supply shock - Wikipedia

    en.wikipedia.org/wiki/Supply_shock

    When there is a supply shock, this has an adverse effect on aggregate supply: the supply curve shifts left (from AS 1 to AS 2), while the demand curve stays in the same position. The intersection of the supply and demand curves has now moved and the equilibrium is now point B; quantity has been reduced to Y 2 , while the price level has been ...

  6. Supply and demand - Wikipedia

    en.wikipedia.org/wiki/Supply_and_demand

    Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market.It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it settles at the market-clearing price, where the quantity demanded equals the quantity supplied ...

  7. Perfect competition - Wikipedia

    en.wikipedia.org/wiki/Perfect_competition

    The short-run supply curve for a perfectly competitive firm is the marginal cost curve at and above the shutdown point. Portions of the marginal cost curve below the shutdown point are not part of the SR {\displaystyle {\text{SR}}} supply curve because the firm is not producing any positive quantity in that range.

  8. Price elasticity of supply - Wikipedia

    en.wikipedia.org/wiki/Price_elasticity_of_supply

    Another special feature of the linear supply curve arises because its elasticity can also be written as bP/(a + bP), which is less than 1 if a < 0 and greater than 1 if a > 0. Linear supply curves which cut through the positive part of the price axis and have zero quantity supplied if the price is too low ( P < -a/ b) have a < 0 and hence they ...

  9. Cost-push inflation - Wikipedia

    en.wikipedia.org/wiki/Cost-push_inflation

    Cost-push inflation is a purported type of inflation caused by increases in the cost of important goods or services where no suitable alternative is available. As businesses face higher prices for underlying inputs, they are forced to increase prices of their outputs.