Q&A - What is market supply
Friday, May 01, 2009
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Supply is defined as the quantity of a product that a producer is willing and able to supply onto the market at a given price in a given time period.
Market supply is the total quantity that all producers in a market are prepared to supply at each price level.
The basic law of supply is that as the price of a product rises, so businesses expand their supply onto the market. A supply curve shows a relationship between the price and quantity a firm is willing and able to sell. Here is an example:
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