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- Supply in economics refers to the amount of a good or service that a producer is willing and able to sell at a given price123. Supply is influenced by factors such as production costs, availability of resources, and market conditions. Supply can be illustrated by a supply curve, which shows the relationship between price and quantity supplied. Examples of supply in economics include123:
- A fruit supplier who supplies more apples at a higher price and less apples at a lower price.
- A mining company who supplies less copper at a lower price and more copper at a higher price.
- A strawberry seller who supplies less strawberries at a lower price and more strawberries at a higher price.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The concept of “supply” in economics can be easily explained with the help of an example. Suppose, at Rs. 100, a fruit supplier supplies five apples. At Rs. 90, the supplier will supply just four apples. At Rs. 80, the supplier will supply three apples and so on.economictimes.indiatimes.com/definition/supplyWhen the price of an orange is 65 cents the quantity supplied is 300 oranges a week. If the price of copper falls from $1.75/lb to $1.65/lb, the quantity supplied by a mining company will fall from 45 tons a day to 42 tons a day.www.thoughtco.com/the-economics-of-supply-1147…Alexandra sells strawberries at $2.50 per kilogram and supplies 30kg per week. Alexandra makes $75 per week selling strawberries. Alexandra must anticipate strawberry demand because of a sudden decrease in strawberries available. As the supply of strawberries is not sufficient to meet demand, strawberries will be more expensive.www.zambianguardian.com/supply-in-economics/ - People also ask
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Learn how supply is defined and determined by various factors, such as price, cost, and competition. See how supply and demand affect each other and how supply can be measured and illustrated. See more
The law of supply states that assuming all else is held constant, the quantity supplied for a good rise as the price rises. In other words, the quantity demanded and the price is positively … See more
Buyers want to pay as little as possible for a good or service, while producers want to maximize profit by charging as much as possible. When supply and demand are balanced, price tends to be stable See more
Manufacturers may be compelled to lower the price of their goods in order to match the price of similar products offered by a competitor, thus lowering profits. Likewise, producers will seek … See more
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