Supply

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 the Definition of a Demand 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 vice versa, assuming Ceteris Paribus.

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-Land, labour, capital, entrepreneurship