GENERAL KNOWLEDGE

Detailed explanation-1: -The total amount of goods and services available in the economy at all the price levels is called aggregate supply.

Detailed explanation-2: -Supply refers to the quantity of goods a supplier offers to consumers. Supply and demand are key players in determining prices and goods consumption or services. The law of supply states that having higher demand is a positive indication for suppliers to increase supply.

Detailed explanation-3: -Supply is the amount of a specific good or service that’s available in the market. Demand is the amount of the good or service that customers want to buy. Supply and demand are both influenced by the price of goods and services.

Detailed explanation-4: -There are five types of supply-market supply, short-term supply, long-term supply, joint supply, and composite supply. Meanwhile, there are two types of supply curves-individual supply curves and market supply curves.