What is a supply schedule?

A supply schedule is defined as a table that displays the quantities of a good or service that producers are willing to sell at different prices over a specific time period. This tabular representation shows the relationship between price and quantity supplied, allowing economists to understand how supply varies with price changes.

For example, if the price of a product increases, the supply schedule will typically show that producers are willing to supply more of that product. This relationship is a fundamental concept in economics, as it helps illustrate the law of supply, which states that, all else being equal, an increase in price results in an increase in the quantity supplied.

In contrast, a graph of quantities supplied would represent the same information visually but does not meet the definition of a supply schedule, which specifically refers to the tabular format. Market equilibrium is a concept related to the point where the quantity supplied equals the quantity demanded and does not directly define a supply schedule. Lastly, consumer surplus measures the benefit to consumers from purchasing a product at a lower price than they are willing to pay and is not relevant in defining a supply schedule.