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What is the economic definition of 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.

Regarding this, what is supply in economics with examples?

Examples of the Supply and Demand Concept Supply refers to the amount of goods that are available. When supply of a product goes up, the price of a product goes down and demand for the product can rise because it costs loss. At some point, too much of a demand for the product will cause the supply to diminish.

Subsequently, question is, what is quantity supply in economics? Definition of 'Quantity Supplied' Definition: Quantity supplied is the quantity of a commodity that producers are willing to sell at a particular price at a particular point of time. Description: Different quantities can be supplied at different prices at a particular point of time.

Just so, what is demand and supply in economic?

Supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy. In equilibrium the quantity of a good supplied by producers equals the quantity demanded by consumers.

What are the types of demand?

The different types of demand are as follows:

  • i. Individual and Market Demand:
  • ii. Organization and Industry Demand:
  • iii. Autonomous and Derived Demand:
  • iv. Demand for Perishable and Durable Goods:
  • v. Short-term and Long-term Demand:

Similar Question and The Answer

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