Supply

Question 1

Definition of Supply

Answer 1

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 2

Definition of 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

Definition of 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

Law of Supply

Answer 4

AS the price of a good or service increses the quantity supplied will increase or vide versa assuming ceteris paribus.

Question 5

Willing and able meaning

Answer 5

Willing- the producer wants to produce it to maximise his profit.

Able- the producer have enough resources to produce more i.e. land, labour, entrepreneurship.