Supply

Question 1

What is the definition of supply ?

Answer 1

The quantity of a good or service the producer is willing + able to produce at any given range of prices over a period of time.

Question 2

What is the definition of a supply schedule ?

Answer 2

A table that sets out the quantity of a good or service the producer is willing + able to produce at any given range of prices over a period of time.

Question 3

What is the definition of a supply graph ?

Answer 3

A graph that sets out the quantity of a good or service the producer is willing + able to produce at any given range of prices over a period of time.

Question 4

What is the Law of Supply ?

Answer 4

As the price of a good or service increases the quantity of a good or service the quantity supplied will increase ( or vice versa ) assuming ceterius paribus.

Question 5

What does the term willing and able mean ?

Answer 5

Willing = the producer wants to produce it to maximise his profit. 
Able = the producer does not have enough resources to produce more i.e land, labour, capital and entrepreneurship