Supply

Question 1

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 supple 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

the law of supply states that as the price rises the quantity supplied will increase, or vice versa assuming ceterius paribus.

Question 5

What does 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 e.g. land, labour, capital and entrepreneurship.