ECONOMICS
SUPPLY
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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change in quantity supplied
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change in supply
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quantity supplied
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none of the above
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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.
Detailed explanation-2: -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-3: -Market Equilibrium: Where Supply Meets Demand Equilibrium is the point where demand for a product equals the quantity supplied. This means that there’s no surplus and no shortage of goods. A shortage occurs when demand exceeds supply – in other words, when the price is too low.
Detailed explanation-4: -A positive change in supply when demand is constant shifts the supply curve to the right, which results in an intersection that yields lower prices and higher quantity. A negative change in supply, on the other hand, shifts the curve to the left, causing prices to rise and the quantity to decrease.