Define the concepts of supply below i definitio... - SS1 Economics Supply – Meaning, Schedules, Curves, Laws Question

i. Supply is the amount of a good or service that producers are willing and able to sell at different prices in a given market. It reflects the relationship between the price of a good and the quantity supplied by producers.

ii. Supply schedules are tables that show the quantity of a good or service that producers are willing to supply at different prices, holding all else constant. They provide a snapshot of the supply of a good or service in a particular market.

iii. Supply curves are graphical representations of supply schedules, which show the relationship between the price of a good and the quantity supplied by producers. They are upward-sloping, indicating that producers are willing to supply more of a good or service at higher prices.

iv. The law of supply states that as the price of a good or service increases, the quantity supplied by producers also increases, ceteris paribus. This means that there is a positive relationship between price and quantity supplied.