Explain the following,a) supply B) stock C) quantity supply
ScanSolve AI Answer
Here are the explanations for the terms you've provided:
a) Supply:
Supply describes the entire relationship between the price of a good or service and the total amount that producers are willing and able to sell in the market over a specific time period. It encompasses all possible price-quantity combinations.
b) Stock:
Stock is the total inventory of goods that a business possesses and has available for immediate sale at a particular moment. It represents the current physical availability of products.
c) Quantity Supplied:
Quantity supplied is the exact amount of a good or service that sellers are prepared to offer for sale at a single, specific price point within a given timeframe. It is a single value on the supply schedule or curve.
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