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THE CONCEPT OF SUPPLY
CONTENT
- Definition of Supply
- The Supply Schedule
- The Supply Curv
- The Law of Supply
- Factors Affecting Supply
- Determination of Equilibrium Price and Quantity
Definition of Supply
Supply may be defined as the quantity of a good or service which a producer is willing and able to offer for sale at a particular period of time and at a given price. Supply does not mean the total number of products made but the amount of goods and services a producer is able to offer for sale at a particular period of time and at a given price.
For example, vehicles stored in the inventory of the manufacturers which are not offered for sale at that point in time are not part of supply of motor vehicles.
The Supply Schedule
A supply schedule like demand schedule may be defined as a table showing the relationship between price and the quantity that is offered for sale at a particular period of time.
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ClassHall Instructor
Halima Ahmadu
Maryam