The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Supply Functions

  • Donald W. Katzner
Reference work entry


Think of an economy with consumers, firms and markets. Consumers sell resources (factors) to firms and use the incomes they receive to purchase final goods. Firms sell outputs to consumers and firms, and use the revenue so obtained to hire inputs, also from consumers and firms. All goods and payments for them flow through markets in which consumers and firms participate as buyers (demanders) and sellers (suppliers).

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Donald W. Katzner
    • 1
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