What is supply answer?
What is supply answer?
In economics, supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual.
What is the law of supply in economics?
The law of supply says that a higher price will induce producers to supply a higher quantity to the market. Supply in a market can be depicted as an upward sloping supply curve that shows how the quantity supplied will respond to various prices over a period of time.
What is the formula of supply?
The equation for supply is therefore Q=235+117.5P. 7.
What are types of supply?
Market supply, short-term supply, long-term supply, joint supply, and composite supply are five types of supply.
Who gave law of supply?
Alfred Marshall. After Smith’s 1776 publication, the field of economics developed rapidly, and refinements were to the supply and demand law. In 1890, Alfred Marshall’s Principles of Economics developed a supply-and-demand curve that is still used to demonstrate the point at which the market is in equilibrium.
What causes supply and demand?
The market forces and behavior of people in regards to price cause movements along the supply and demand curve. As people demand more of a product, they will bid up prices to get what they desire. This entices suppliers and sellers to offer more of the product.
What is supply and quantity supply?
“Supply” is a general and fundamental aspect in the study of economics while “quantity supplied” is only a component of the supply.
What does supplies mean?
supply(noun) an amount of something available for use. supply(noun) offering goods and services for sale. provision, supply, supplying(verb) the activity of supplying or providing something. supply, provide, render, furnish(verb) give something useful or necessary to. “We provided the room with an electrical heater”.
What does supply mean economics?
What is Supply. Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
What is the definition of the word supply?
To supply is defined as to give or provide something needed. An example of to supply is bringing the wine to a dinner party. YourDictionary definition and usage example. “Supply.”.