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LSDefine

Simple English definitions for legal terms

supply curve

Read a random definition: ambulatory disposition

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.

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RoaldDahl
16:05
dodged the mich r wave what does this mean
HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
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