A Define "supply."9.(The definition of supply is very similar to that of demand. Supply is a schedule which shows the variousamounts of a product sellers areat each price in a series of possible prices during a specified period, other things being equal. Supplyportrays relationship between (related either in the table or in the (graph).) and () to produce and offer for sale) and (), they are (directly, inversely)SDescribe and give a reason for the law of supply.The law of supply indicates that producers will produce and sell (more, less ) of their product at a highprice than at a low price. This means that there is a positive, negative ) relationship between price andquantity supplied. The basic explanation is that, given product costs, a higher price means greater profitsand thus more incentive for business to increase the quantity supplied.

Answered: 9.( Define "supply." The definition of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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A Define "supply."
9.(
The definition of supply is very similar to that of demand. Supply is a schedule which shows the various
amounts of a product sellers are
at each price in a series of possible prices during a specified period, other things being equal. Supply
portrays relationship between (
related either in the table or in the (graph).
) and (
) to produce and offer for sale
) and (
), they are (directly, inversely)
S
Describe and give a reason for the law of supply.
The law of supply indicates that producers will produce and sell (more, less ) of their product at a high
price than at a low price. This means that there is a positive, negative ) relationship between price and
quantity supplied. The basic explanation is that, given product costs, a higher price means greater profits
and thus more incentive for business to increase the quantity supplied.

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The theory of demand and supply is the part of microeconomics which studies the behaviour of people at micro level. The demand theory indicates the the negative relationship between price of the good and its quantity demand. On the other hand, the supply theory shows the positive relationship between price of the good and its quantity supplied. The demand of the good is determined by the willingness to spend of consumer.

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