EVERYDAY SCIENCE

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.

Detailed explanation-2: -Supply is the amount of a product offered for sale at all possible prices in a market. The Law of Supply states that more product will be offered for sale at higher prices than at lower prices.

Detailed explanation-3: -Supply of goods and services Price is what the producer receives for selling one unit of a good or service. An increase in price almost always leads to an increase in the quantity supplied of that good or service, while a decrease in price will decrease the quantity supplied.

Detailed explanation-4: -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-5: -The equilibrium is the only price where quantity demanded is equal to quantity supplied.