Supply Schedule – a table depicting the relationship between the price of a product and the quantity supplied (offered for sale).
Supply Curve - a graphical representation of a supply schedule.
Elastic Supply – a situation in which sellers are responsive to price changes; that is, the quantity supplied increases readily when the price rises.
Inelastic Supply – a situation in which quantity supplied does not increase readily when the price rises.
Equilibrium Price – a price determined in the marketplace by the interaction of supply and demand.
Equilibrium Quantity – the quantity sold (bought) at the equilibrium price.
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