GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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supply
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demand
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monopoly
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production
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Detailed explanation-1: -In economics, quantity supplied describes the number of goods or services that suppliers will produce and sell at a given market price.
Detailed explanation-2: -The total number of units purchased at that price is called the quantity demanded. An increase in the price of a good or service almost always decreases the quantity demanded of that good or service. Conversely, a decrease in price will increase the quantity demanded.
Detailed explanation-3: -Definition: Quantity supplied is the quantity of a commodity that producers are willing to sell at a particular price at a particular point of time.
Detailed explanation-4: -Economists use the term quantity supplied to describe how much of a good is offered for sale at a specific price. The promise of increased revenues when prices are high encourages firms to produce more. Rising prices draw new firms into a market and add to the quantity supplied of a good.
Detailed explanation-5: -Market supply. Long term supply. Short term supply. Joint supply. Composite supply.