Question

(a) what is supply?
(b) what is individual supply?
(c) what is quantity supplied?
(d) what is market supply?
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Answer 1

ANSWER :

(a) Supply :-

• ✎ In economics, the term "Supply" refers to the quantity of a particular commodity, which a firm is willing and is able to offer for sale during a given period of time at a given price. Supply is a desired quantity of a commodity that a firm is willing to sell and it is always expressed with reference to price and with respect to a period of time.

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(b) Individual Supply :-

• ✎ In economics, the quantity of a particular commodity, which an individual firm is willing and is able to offer for sale during a given period of time at a given price is known as "Individual Supply". It is affected by price of the given commodity, state of technology, price of factors of production, goals/objectives of the firm etc.

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(c) Quantity Supplied :-

• ✎ In economics, the term "Quantity Supplied" refers to a specific quantity of a commodity in the supply schedule which is supplued against a specific price. It is the amount or quantity of a particular commodity that a firm/producer is willing to offer for sale at a given price during a particular period of time.

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(d) Market Supply :-

• ✎ In economics, the quantity of a particular commodity, which all the firms in a market is willing and is able to offer for sale during a given period of time at a given price is known as "Market Supply". It is affected by price of the given commodity, state of technology, price of factors of production, goals/objectives of the firm, number of firms in the market, future expectations regarding price, means of transportation and communication etc.

Answer 2

Answer:

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