This is the qty or amt of goods and services that a seller is willing and able to bring into the market at a particular price over a given period of time.
Law of supply
The higher the price, the higher the quantity supplied
The lower the price , the lower the quantity supplied at ceteris paribus.
Price and qty supplied have a direct relationship
i.e as price increases, qty supplied increases and vice versa.
Supply schedule
Table showing the relationship between the price and quantity supplied
Supply curve
Graphical representation of the suplly schedule showing the relationship between the price of a good and the qty supplied
A supply curve slopes upwards since price and qty supplied have a direct relationsip.
