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 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 Supply Curve?

Answer 3

A graph the 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 Parabis.

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- Land, Labour, Capital, Entrepreneurship