ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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services
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inelastic
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supply
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volume
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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: -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-3: -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. When supply exceeds demand for a product or service, the prices of said product fall.
Detailed explanation-4: -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.