A Glossary of Political Economy Terms

by Dr. Paul M. Johnson

Supply, law of

Other things being held constant, the higher the price of a good (or service), the larger the quantity of that good (or service) that will be offered for sale in a particular time period.

See also:

• supply,
• supply curve,
• law of diminishing returns,
• marginal analysis,
• marginal productivity

A Glossary of Political Economy Terms copyright © 1994-2005 Paul M. Johnson

Department of Political Science, 7080 Haley Center, Auburn University, Auburn, AL 36849