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 any given range of prices over 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 prices within a given time frame.

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 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 the quantity supplied will increase or vice versa assuming ceterius paribus

Question 5

What does the term willing and able mean in terms of supply defintion

Answer 5

Willing is the producer wants to produce the good or service.
Able is where the producers have the means to produce the good or service.