What is a Supply Curve?
A supply curve is a graphical representation of the relationship between the price of a good or service and the quantity of that good or service that producers are willing to supply. It is used to illustrate the concept of supply and demand in economics. The supply curve shows the quantity of a good or service that producers are willing to supply at different prices. It is usually upward-sloping, meaning that as the price of a good or service increases, producers are willing to supply more of it.
History of the Supply Curve
The supply curve was first developed by the English economist Alfred Marshall in the late 19th century. Marshall’s work was based on the earlier work of the French economist Jean-Baptiste Say, who had developed the concept of supply and demand. Marshall’s work was further developed by the American economist Arthur Cecil Pigou, who used the supply curve to illustrate the concept of price elasticity of supply.
Table of Comparisons
| Price | Quantity Supplied |
|---|---|
| $10 | 100 units |
| $20 | 200 units |
| $30 | 300 units |
Summary
A supply curve is a graphical representation of the relationship between the price of a good or service and the quantity of that good or service that producers are willing to supply. It is used to illustrate the concept of supply and demand in economics. The supply curve shows the quantity of a good or service that producers are willing to supply at different prices. For more information about the supply curve, you can visit websites such as Investopedia, Khan Academy, and the Economics Network.
See Also
- Demand Curve
- Price Elasticity of Supply
- Law of Supply
- Equilibrium Price
- Marginal Cost
- Marginal Revenue
- Average Cost
- Average Revenue
- Total Cost
- Total Revenue
