The supply can be meant to be any goods, services, labor factors. Supply is the graph plotted between quantity and price. The graph called the supply curve consists of different types of quantity and all types of prices available at that time in the market. The supply curve is drawn by taking all the possible prices and may be available quantities in mind.
There is a basic concept of economics called The Law of Supply. It claims that if the price of a certain item increases, the production rate of that item also increases. That is its quantity increases. Similarly, if the price of that item decreases, the production of that item also decreases.
That is, its quantity deteriorates. For example, if the demand for a certain soap in the market increases, the firm will try to maximize the sale of that item to gain profit.
So, as a result, they will increase the production level of that particular soap in the firm rather than those soaps which as less in demand. With the increase in the supply in respect to the normal supply, the curve starts to shift rightwards. This happened when the quantity supplied increases with the market prices as well. On the other hand, the supply curve shifts towards the left when the market prices, as well as the quantity, decreases.
The term quantity supplied refers to a particular intersection point in the supply curve between a particular price and a specific quantity. It also refers to the number of goods or services a provider wants to provide at a certain market price. There's a reason they call economics the "dismal science.
The supply of most products or services isn't set in stone. The available supply of, say, sriracha sauce or copies of Stephen King's new novel depends on price rather than the physical limits of making more.
If the sriracha supply runs short and the price rises, producers may be willing to increase the supply as long as they can sell it at the higher price. The supply curve you sometimes hear economists talk about measures the relationship between price and supply.
Economists plot the curve out using a graph, with price along one side and the quantity of product along the other. The curve demonstrates visually how the increase in price affects the supply. The simple relationship may not represent the real world accurately though.
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