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supply |
the amount offered for sale at each given price level |
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planned supply |
the amount producers plan to produce at each given price |
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actual supply |
the amount that producers in fact produce. This may differ from planned supply for a variety of reasons such as breakdowns in production, staff absences, etc. |
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market supply |
the sum of all individual firm's supply curves at each given price |
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extension in supply |
when there is an increase in supply because the market price has risen |
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contraction in supply |
when the amount offered for sale is reduced because the price level has fallen |
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joint supply |
when the production of one good also results in the production of another |
