supply

Question 1

Definition of supply?

Answer 1

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

Question 4

What is the law of demand?

Answer 4

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

Question 5

What does the term willing and vale mean?

Answer 5

willing= the producer wants to produce t to maximise profit. Able= the producer does not have enough resources to produce more.