ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -to provide something that is wanted or needed, often in large quantities and over a long period of time: Electrical power is supplied by underground cables.

Detailed explanation-3: -The types of supply are: Market supply. Long term supply. Short term supply.

Detailed explanation-4: -noun. : the lowest price at which a given amount of commodities will be offered under given conditions.

Detailed explanation-5: -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.