ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -6 AN INTRODUCTION TO SUPPLY Supply is the amount of a product offered for sale at all possible prices in a market. The Law of Supply states that more product will be offered for sale at higher prices than at lower prices.

Detailed explanation-2: -Supply is the amount of a product that would be offered for sale at all possible prices in the market. That means the amount a producer will offer when the price is: $1, $2, $5, $100, $1000, etc. The Law of Supply states that suppliers will normally offer more for sale at higher prices and less at lower prices.

Detailed explanation-3: -Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.

Detailed explanation-4: -In economics, quantity demanded refers to the total amount of a good or service that consumers demand over a given period of time. Quantity demanded depends on the price of a good or service in a marketplace.

Detailed explanation-5: -What is supply? The quantities that producers are willing and able to sell per period of time at various prices. 22. What is the term for the total supply of a product offered by all producers? Market Supply.