+
3 Tutorials that teach Law of Supply
Take your pick:
Law of Supply

Law of Supply

Rating:
Rating
(0)
Author: Colton Cranston
Description:
This lesson covers the law of supply.
(more)
See More
Fast, Free College Credit

Developing Effective Teams

Let's Ride
*No strings attached. This college course is 100% free and is worth 1 semester credit.

28 Sophia partners guarantee credit transfer.

281 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 25 of Sophia’s online courses. Many different colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial

Notes on "Law of Supply"

Key Terms

Law of Supply

If the price of a good decreases, the quantity supplied decreases.

Movement Along Supply Curve

Movement caused by a change in price, assuming all other variables are held constant.

Shift in Supply

Changes other than the price of the good itself that affect production decisions for a particular good.

Opportunity cost

The sacrifice made by choosing one value or opportunity over another; the value of the forgone opportunity.