Supply

Question 1

What is the definition of Supply?

Answer 1

The quantity of a good or service the producer is willing and able to produc at any given range of price over a peoiod 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 price over a peoiod of time.

Question 3

What is the definition of a supply graph

Answer 3

A graph that seys out the quantity of a good or service the producer is willing and able to produce at any given range of price over a peoiod of time.

Question 4

What is the law of supply?

Answer 4

As the price of a good or service rises the quantity supplied will decrease (or vice versa) assuming ceterus 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 resorces more ie land, labour, capital, entrepernership.