ECONOMICS (CBSE/UGC NET)

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. The quantity supplied differs from the total supply and is usually sensitive to price.

Detailed explanation-2: -The fundamental economic concept that states the total amount of a specified product or service that is available to customers is known as ‘supply. ‘ It is very closely related to and goes hand in hand with demand.

Detailed explanation-3: -Demand is simply the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period.

Detailed explanation-4: -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-5: -A supply of goods includes the following: the transfer of ownership of goods by agreement. the sale of movable goods on a commission basis by an auctioneer or agent. They need to be acting in their own name but on the instructions of another person.