Supply

Question 1

The definition of supply?

Answer 1

supply is the quantity of a good or service that producer are both willing and able to provide to any given range of price over a period of time

Question 2

What is the definition for a supply schedule?

Answer 2

a table of that sets out the quantity of a good or service that producer are both willing and able to provide to any given range of price over a period of time

Question 3

What is the definition for a supply curve?

Answer 3

a graph of that sets out the quantity of a good or service that producer are both willing and able to provide to any given range of price over a period of time

Question 4

What is the definition of the law of supply?

Answer 4

state that an increase in the price of a good or service will result in a increase in the quantity supplied or vice versa assuming ceteris parlous

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 of service
able= they have the means to produce them - land,labour,capital,entrepreneurship