Question

Define supply. State the law of supply.

Answer 1

• Supply: "Supply may defined as a schedule that shows the various amounts of a product for which a particular seller is willing and is able to produce and make it available for sale in the market at each specific price in a set of possible prices during some given period.
  
• In simple words, supply means that quantity of a particular commodity which a seller is ready to sell at a given price.
  
• Law of Supply: "The law of supply states that other things being equal, the higher the price, the greater the quantity supplied or the lower the price, the smaller the quantity supplied."