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LSDefine
Simple English definitions for legal terms
supply curve
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A quick definition of supply curve:
A supply curve is a line on a graph that shows how much of a product a seller is willing to sell at different prices. It helps us understand how the quantity of a product changes as its price changes.
A more thorough explanation:
A supply curve is a graphical representation of the relationship between the price of a good and the quantity of that good that producers are willing to supply. It is a line on a price-output graph that shows the quantity of a good that will be supplied at a given price.
For example, let's say that the price of a gallon of milk is $3.00. At this price, dairy farmers are willing to supply 10,000 gallons of milk to the market. If the price of milk were to increase to $4.00, the supply curve would shift to the right, indicating that dairy farmers are willing to supply more milk at the higher price.
The supply curve is upward sloping, which means that as the price of a good increases, the quantity supplied also increases. This is because producers are motivated to supply more of a good when they can earn a higher profit.