ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -The fundamental economic concept that states the total amount of a specified product or service that is available to customers is known as ‘supply. ‘ It is very closely related to and goes hand in hand with demand. When supply exceeds demand for a product or service, the prices of said product fall.

Detailed explanation-3: -In the goods market, supply is the amount of a product per unit of time that producers are willing to sell at various given prices when all other factors are held constant.

Detailed explanation-4: -Supply in economics is defined as the total amount of a given product or service a supplier offers to consumers at a given period and a given price level. It is usually determined by market movement.