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Supply is the
- a)limited resources that are available with the seller
- b)cost of producing a good
- c)entire relationship between the quantity supplied and the price of good.
- d)Willingness to produce a good if the technology to produce it becomes available.
Correct answer is option 'C'. Can you explain this answer?
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Supply is thea)limited resources that are available with the sellerb)c...
Supply is the relationship between the quantity supplied and the price of a good. It is an important concept in economics that helps to understand how markets work. In this response, we will discuss the meaning of supply and its components in detail.
Meaning of Supply:
Supply refers to the quantity of a good or service that producers are willing to offer for sale at a particular price level. It is the amount of a product that is available to buyers at a given time and place. The supply of a product depends on a number of factors such as the cost of production, technology, availability of resources, etc.
Components of Supply:
The components of supply are:
1. Quantity Supplied:
Quantity supplied refers to the amount of a product that producers are willing to sell at a particular price level. As the price of a product increases, the quantity supplied also increases, ceteris paribus.
2. Price of the Good:
Price of the good refers to the amount of money that buyers are willing to pay for a product. As the price of a product increases, the quantity supplied also increases, ceteris paribus.
3. Cost of Production:
Cost of production refers to the expenses incurred by producers in producing a product. It includes the cost of raw materials, labor, machinery, etc. As the cost of production increases, the quantity supplied decreases, ceteris paribus.
4. Technology:
Technology refers to the methods used by producers to produce a product. As technology improves, the cost of production decreases, which leads to an increase in the quantity supplied, ceteris paribus.
Conclusion:
In conclusion, supply is the relationship between the quantity supplied and the price of a good. It is influenced by various factors such as the cost of production, technology, etc. Understanding the concept of supply is important for producers, consumers, and policymakers as it helps to make informed decisions about the allocation of resources.
Meaning of Supply:
Supply refers to the quantity of a good or service that producers are willing to offer for sale at a particular price level. It is the amount of a product that is available to buyers at a given time and place. The supply of a product depends on a number of factors such as the cost of production, technology, availability of resources, etc.
Components of Supply:
The components of supply are:
1. Quantity Supplied:
Quantity supplied refers to the amount of a product that producers are willing to sell at a particular price level. As the price of a product increases, the quantity supplied also increases, ceteris paribus.
2. Price of the Good:
Price of the good refers to the amount of money that buyers are willing to pay for a product. As the price of a product increases, the quantity supplied also increases, ceteris paribus.
3. Cost of Production:
Cost of production refers to the expenses incurred by producers in producing a product. It includes the cost of raw materials, labor, machinery, etc. As the cost of production increases, the quantity supplied decreases, ceteris paribus.
4. Technology:
Technology refers to the methods used by producers to produce a product. As technology improves, the cost of production decreases, which leads to an increase in the quantity supplied, ceteris paribus.
Conclusion:
In conclusion, supply is the relationship between the quantity supplied and the price of a good. It is influenced by various factors such as the cost of production, technology, etc. Understanding the concept of supply is important for producers, consumers, and policymakers as it helps to make informed decisions about the allocation of resources.
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Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer?
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Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer?.
Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer?.
Solutions for Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Supply is thea)limited resources that are available with the sellerb)cost of producing a goodc)entire relationship between the quantity supplied and the price of good.d)Willingness to produce a good if the technology to produce it becomes available.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
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