Examlex
Technological advances can replace or substitute for existing products in a relatively short period.IBM's Watson is a likely replacement or substitute for
Market Quantity Supplied
The total amount of a particular good or service that sellers are willing and able to sell at a given price in a specific period.
Supply Curve
A graphical representation showing how the quantity of a good supplied by producers changes in response to different prices.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.
Production Technology
The methods, processes, and equipment used in the production of goods and services.
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