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Inverse supply function
A function representing the relationship between quantity supplied and price, specified for convenience with price as a function of quantity instead of the more usual quantity as a function of price. Thus if a conventional supply function is QS = a + bP, then the inverse supply function is P = QS/b - (a/b). Especially appropriate if supply is infinitely elastic (i.e., constant cost).
- Part of Speech: noun
- Synonym(s):
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- Industry/Domain: Economy
- Category: International economics
- Company: University of Michigan
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