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3 Tutorials that teach Law of Supply
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Law of Supply

Law of Supply

Author: Dan Laub
Description:
This lesson covers the law of supply.
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Tutorial

Notes for "Law of Supply"

Key Terms

Law of Supply

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

 

Opportunity cost

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

 

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.