Economics Supply And Demand Questions
The concept of supply in economics refers to the quantity of a good or service that producers are willing and able to offer for sale at various prices during a specific period of time. It is influenced by factors such as production costs, technology, resource availability, and the goals of producers. The relationship between price and quantity supplied is typically positive, meaning that as the price of a good or service increases, the quantity supplied also increases, and vice versa. This relationship is represented by the upward-sloping supply curve on a graph.