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Question
The quantity of a commodity which a seller is ready to offer for sale at a given price and at a given time. This defines ______.
Options
Elasticity of supply
Law of Supply
Supply
Extension of supply
Solution
The quantity of a commodity which a seller is ready to offer for sale at a given price and at a given time. This defines Supply.
Explanation:
Supply is defined as the quantity of a commodity that a seller can offer for sale at a given price during a specific period. This concept considers the seller's readiness to sell a certain quantity of the product at various price levels at a particular time.
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RELATED QUESTIONS
Following is an essential feature of supply:
Which one of the following is not a feature of supply?
Supply always refers to a specific desired quantity which a seller is willing to ______.
Define the term supply.
Price of the commodity and quantity supplied of that commodity is ______ related.
Explain how the supply of a commodity is affected by the prices of other related commodities. Give suitable examples.
