less of the other

supply the relationship between price and the quantity supplied of a certain good or service

supply curve a line that shows the relationship between price and quantity supplied on a graph, with quantity

supplied on the horizontal axis and price on the vertical axis

supply schedule a table that shows a range of prices for a good or service and the quantity supplied at each

price

surplus at the existing price, quantity supplied exceeds the quantity demanded; also called excess supply

total surplus see social surplus

Key Concepts and Summary

3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services

A demand schedule is a table that shows the quantity demanded at different prices in the market. A demand

curve shows the relationship between quantity demanded and price in a given market on a graph. The law of

demand states that a higher price typically leads to a lower quantity demanded.
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