In microeconomic theory, the partial equilibrium supply and demand economic model originally developed by Alfred Marshall attempts to describe, explain, and predict changes in the price and quantity of goods sold in competitive markets. The model is only a first approximation for describing an imperfectly competitive market. It formalizes the theories used by some economists before Marshall and is one of the most fundamental models of some modern economic schools, widely used as a basic building block in a wide range of more detailed economic models and theories. The theory of supply and demand is important for some economic schools' understanding of a market economy in that it is an explanation of the mechanism by which many resource allocation decisions are made. However, unlike general equilibrium models, supply schedules in this partial equilibrium model are fixed by unexplained forces.

Supply

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Supply is the quantity that producers are willing to sell at a given price. For example, the potato grower may be willing to sell 1 million lb of potatoes if the price is $0.75 per lb and substantially more if the market price is $0.90 per lb. The main determinants of supply will be the market price of the good and the cost of producing it. In fact, supply curves are constructed from the firm's long-run cost schedule. Supply curves are traditionally represented as upward-sloping because of the law of diminishing marginal returns. This need not be the case, however, as described below.

Special cases of a supply curve

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More on [ Supply and demand ]

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What materials and supplies do I need to gather for this evening?
Itssmokinnjo (Jhordan Gilchrist) Thu, 31 Dec 2009 22:48:31 -0000
What materials and supplies do I need to gather for this evening?
Think I'll go out to get some cleaning supplies and organizational materials before ringing in the new year in the comfort of my home.
insecurewalrus (SaM Harrison) Thu, 31 Dec 2009 20:17:14 -0000
Think I'll go out to get some cleaning supplies and organizational materials before ringing in the new year in the comfort of my home.
Susan P from NM: "I gave to this project because I remember how much it meant to me to have the supplies and materials" http://bit.ly/5VifGN
DCShoutOuts (DonorsChoose.org) Wed, 30 Dec 2009 20:26:02 -0000
Susan P from NM: "I gave to this project because I remember how much it meant to me to have the supplies and materials" http://bit.ly/5VifGN
free shipping supplies (tampa): i got a bunch of boxes all sizes and various packing materials such as peanuts bubb... http://bit.ly/5mQdqv
FreeListTampa (Free List: Tampa) Wed, 30 Dec 2009 01:55:15 -0000
free shipping supplies (tampa): i got a bunch of boxes all sizes and various packing materials such as peanuts bubb... http://bit.ly/5mQdqv
There's a lot of good supplies and materials that will be for sale this weekend. shakti biz took up a lot of room. :)
shaktispace (Lucinda) Tue, 29 Dec 2009 19:37:52 -0000
There's a lot of good supplies and materials that will be for sale this weekend. shakti biz took up a lot of room. :)
Tender for Provision For Construction Materials And Supplies (Philippines) http://www.hellotrade.com/tenders/details/429447/
globaltenders (Hellotrade Tenders) Tue, 29 Dec 2009 17:41:23 -0000
Tender for Provision For Construction Materials And Supplies (Philippines) http://www.hellotrade.com/tenders/details/429447/

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