ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economists define supply as the quantity of a good or service that producers are willing and able to offer for sale at each possible price during a given time period. 2.

Detailed explanation-2: -In economics, quantity supplied describes the number of goods or services that suppliers will produce and sell at a given market price. The quantity supplied differs from the actual amount of supply (i.e., the total supply) as price changes influence how much supply producers actually put on the market.

Detailed explanation-3: -Supply-a schedule or a curve showing the amounts of a product a producer is willing and able to produce and make available for sale at each of a series of possible prices during a specific period of time.

Detailed explanation-4: -Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants.

Detailed explanation-5: -Definition: Quantity supplied is the quantity of a commodity that producers are willing to sell at a particular price at a particular point of time.