Supply

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The Law of Supply and the Supply Curve

As you’ve learned, consumers demand products and services at the lowest possible prices. In contrast, suppliers like Microsoft exist to make a profit—hopefully, a big profit. As you read this section, you’ll learn about the law of supply and how it is geared toward making profits.

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Supply, Demand, and Market Equilibrium

We begin our study of microeconomics by looking at a market with many buyers and sellers, i.e. a market where there is a large amount of competition. We will study such a market in more depth in Perfect Competition, as well as other market types, but starting here makes it easy to get a feel for how the subject works.

Demand

The Demand Curve

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