ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The quantity supplied is the amount of a good or service that is made available for sale at a given price point. In a free market, higher prices tend to lead to a higher quantity supplied and vice versa. The quantity supplied differs from the total supply and is usually sensitive to price.

Detailed explanation-2: -“Supply refers to the quantity that suppliers are willing and able to produce and sell in a market, at the prevalent market price.” The two main words to note are ‘willing’ and ‘able’. Both of these aspects control the supply of any product within a market.

Detailed explanation-3: -Demand is just how many of an item a consumer is willing to buy-the sheer quantity. Quantity demanded is how many things a consumer will purchase at a specific price.

Detailed explanation-4: -Supply represents how much the market can offer at different prices. In contrast, quantity supplied represents what amount of commodity producers will supply at a specific price. The supply schedule or supply curve indicates the supply of the commodity.

Detailed explanation-5: -Price and the Supply Curve The quantity supplied of a good or service is the quantity sellers are willing to sell at a particular price during a particular period, all other things unchanged. Ceteris paribus, the receipt of a higher price increases profits and induces sellers to increase the quantity they supply.