| In economic theory, the area under the supply curve represents the value of the time lost for supplying a given amount of labour. |
| We will know precisely where the supply curve meets the demand curve, which will make the marketplace vastly more efficient. |
| We find that price adjustment is well described by an aggregate supply curve in price-output space, that is, a price Phillips curve. |
| In this framework, a rise in the price of oil boosts producer prices for each level of supply: the supply curve shifts upwards. |
| Like all equilibrium pricing, there is a supply curve and a demand curve for housing. |
| This backward shift of the aggregate supply curve of the economy of course both lowers output and raises prices. |
