Supply

Definition

Supply refers to the quantity of a good or service that producers are willing and able to offer for sale at different price levels. It is determined by factors such as production costs, technology, resource availability, and government regulations.

Related terms

Equilibrium Price: The equilibrium price is the market-clearing price where the quantity supplied equals the quantity demanded.

Surplus: A surplus occurs when the quantity supplied exceeds the quantity demanded at a given price level.

Shortage: A shortage occurs when the quantity demanded exceeds the quantity supplied at a given price level.