Supply

Question 1

What is the definition of supply ?

Answer 1

The quantity of a good or service that a producer are both willing and able to provide at a range of given prises 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 willing and able to provide at a range of given prices within a given time frame

Question 3

what is a supply curve ?

Answer 3

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

Question 4

What is the definition of the law of supply ?

Answer 4

As the price rises quantity suppled will increase, or vice versa assuming ceterius paribus .

Question 5

What does willing and able mean in terms of supply definitions ?

Answer 5

Willing :The producer wants to produce the good or survice

Able : They have the means to produce them- land, labour, capital, enterprenurship.