ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economists call this positive relationship between price and quantity supplied-that a higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied-the law of supply.

Detailed explanation-2: -The quantity supplied of a good or service is the quantity sellers are willing to sell at a particular price during a particular period, all other things unchanged. A supply schedule shows the quantities supplied at different prices during a particular period, all other things unchanged.

Detailed explanation-3: -Definition: Quantity supplied is the quantity of a commodity that producers are willing to sell at a particular price at a particular point of time.

Detailed explanation-4: -The equilibrium price is the only price where the plans of consumers and the plans of producers agree-that is, where the amount consumers want to buy of the product, quantity demanded, is equal to the amount producers want to sell, quantity supplied. This common quantity is called the equilibrium quantity.

Detailed explanation-5: -Supply is the quantity of a good or service that sellers are willing to sell at each possible price, with all other influences on supply remaining unchanged.