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You looked up a friend's address for a letter you wrote. Suddenly the phone rings-wrong number. Even though you were interrupted for only a few seconds, you have forgotten the address. Which memory system failed you?
New Producers
Fresh entrants in a market that introduce additional capacity, innovation, or competition.
Supply Curve
A graphical representation showing the relationship between the price of a good or service and the quantity supplied for a given period.
Producer Surplus
The difference between the amount a producer is willing to accept for a good or service and the actual amount received from its sale.
Supply Curve
A graphical representation showing the quantity of a good that producers are willing to supply at different prices.
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