ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Supply is defined as the willingness and ability of firms to produce a given quantity of output in a given period of time, or at a given point in time, and take it to market. Not all output is taken to market, and some output may be stored and released onto the market in the future.

Detailed explanation-2: -What Is Supply? 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-3: -Demand is the desire, willingness, and ability to buy a good or service. price and the quantities bought and sold. Several factors can cause market demand for a product or service to change.

Detailed explanation-4: -If the cost of any factor of production-labor, raw materials, equipment-decreases, the quantity that producers are willing (and able) to supply at a given price increases. Producers with lower costs will always be able to supply more of a product at a given price than those with higher costs.

Detailed explanation-5: -In economics, quantity supplied describes the number of goods or services that suppliers will produce and sell at a given market price.