Supply: Determinants and Surplus

This lecture covers the concept of supply in economics, focusing on the willingness of sellers to sell goods at a minimum price. The instructor explains the determinants of willingness to accept, such as production costs, financial situations, and competition. Additionally, the lecture delves into the idea of surplus, where sellers earn profit by selling goods above their minimum price. The discussion extends to factors influencing supply curves, including price, production costs, and elasticity. The time horizon and anticipations are highlighted as crucial elements affecting price responsiveness and decision-making in the market.