ENTREPRENEURSHIP

Detailed explanation-1: -The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied. Supply curves and supply schedules are tools used to summarize the relationship between supply and price.

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: -In economics, quantity supplied describes the number of goods or services that suppliers will produce and sell at a given market price. The quantity supplied differs from the actual amount of supply (i.e., the total supply) as price changes influence how much supply producers actually put on the market.

Detailed explanation-4: -Quantity supplied is defined as the total amount of a good or service that producers and suppliers are willing and able to sell at a given price in a given period of time. In other words, a seller’s propensity to provide a certain quantity of goods to the market for sale is based on willingness and ability.