Study

Question 1

What Is The Definition Of Supply?

Answer 1

The quantity of a good or service that a producer is both willing and able to provide at a range of given prices within a period of time.

Question 2

What Is A Supply Schedule?

Answer 2

A table that sets out the quantity of a good or service that a producer is both willing and able to provide at a range of given prices within a period of time.

Question 3

What Is A Supply Curve?

Answer 3

A graph that sets out the quantity of a good or service that a producer is both willing and able to provide at a range of given prices within a period of time.

Question 4

What Is The Definition Of The Law Of Supply?

Answer 4

As the price rises the quantity supplied will increase, or vise versa, assuming ceteris parabus.

Question 5

What Does The Term Willing And Able Mean In Terms Of Supply Definition?

Answer 5

Willing - The producer wants to produce the good or service.
Able - They have the means to produce them ( Labour, Capital etc. ).