Demand and Supply - Supply
3 important questions on Demand and Supply - Supply
What is Quantity Supplied?
The Quantity Supplied of a good or service is the amount that producers plan to sell during a given time period at a particular price.
What does the Law of Supply state?
Other things remaining the same, the higher the price of a good, the greater is the quantity supplied; and the lower the price of a good, the smaller the quantity supplied.
Six main factors that bring changes in supply:
- Prices of factors of production
- Prices of related goods produced
- Expected future prices
- Number number of suppliers
- Technology
- The state of nature
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