In this article we will discuss about:- 1. Definition of Supply 2. Individual Supply and the Law of Supply 3. Market Supply Curve/Supply Curve of the Industry 4. Change in Quantity Supplied and Change in Supply, or, Movement along the Supply Curve and Shift in the Supply Curve 5. Time Characteristics of Supply. Definition of Supply: In ordinary language, the [...]
In this article we will discuss about:- 1. Factors Influencing Supply 2. The Law of Supply 3. The Elasticity of Supply 4. The Short-Run Supply Curve of the Firm and Industry By supply is meant the quantities of a commodity or service which a seller is willing and able to offer for sale at various prices during a given period [...]
Let us learn about the short run supply curve of a competitive firm and industry. Supply is the quantity which is offered for sale at a given price at a particular time. The supply curve shows the maximum quantities per unit of time which sellers will place in the market at various prices. At a higher price, a greater quantity [...]