ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economists define supply as the quantity of a good or service that producers are willing and able to offer for sale at each possible price during a given time period.

Detailed explanation-2: -Supply-a schedule or a curve showing the amounts of a product a producer is willing and able to produce and make available for sale at each of a series of possible prices during a specific period of time.

Detailed explanation-3: -The law of supply says that a higher price will induce producers to supply a higher quantity to the market. Because businesses seek to increase revenue, when they expect to receive a higher price for something, they will produce more of it.

Detailed explanation-4: -Quantity supplied (Qs) is the amount of a product that producers are willing and able to produce and sell at a particular price at a particular time. In another words, supply is the quantity supplied at all prices during a specific time period.