The quantity supplied of any good is defined as the the amount that sellers are willing and able to sell.
Law of supply is the the claim that the quantity supplied of a good increases when the price of the good increases, other things equal.
The Supply Schedule
Supply schedule is a table that shows the relationship between the price of a good and the quantity supplied.
In the example of roses shown below, notice that Flower Shop's roses supply schedule obeys the Law of Supply.
Individual Supply versus Market Supply
The quantity supplied in the market is the sum of the quantities supplied by all sellers at each price.
Suppose that Blossom-F and Top-F are the only two sellers in this market.
Let Qs represent the quantity supplied.
Price
Blossom-F
Top-F
Market Qs
$0.00
0
+
0
=
0
$1.00
4
+
5
=
9
$2.00
8
+
10
=
18
$3.00
12
+
15
=
27
$4.00
16
+
20
=
36
$5.00
20
+
25
=
45
$6.00
24
+
30
=
54
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Date of last modification: 2024
