Supply

Statement

Supply refers to the quantities of goods and services producers are willing and able to sell at various prices over a given time frame, ceteris paribus.

Notes

As with demand, supply is governed by both willingness and ability to sell. Quantity supplied — the amount offered at one price, a single point on the curve — must be kept distinct from supply, the whole curve: a change in the good’s own price moves quantity supplied along the curve, whereas a change in a non-price determinant shifts supply. The direct price–quantity relationship is the law of supply.