Theory of Supply — Flashcards

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Supply is the quantity of a commodity that producers are willing to offer for sale at a given price and during a given period of time. It is a desired quantity, not necessarily the quantity actually s…

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Prof. Meyers defined supply as a schedule of the amount of a good that would be offered for sale at all possible prices at any one instant of a time or during any period of time, for example, a day or…

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Prof. Benham defined supply as the amount offered for sale per unit of time. The idea shows that supply is related to time and is measured over a period.

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Anatol Murad defined supply as the quantity of a commodity offered for sale at a given price in a given market at a given time. This shows that price, market, and time are all important in supply.

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Supply is a flow concept because it refers to the willingness to sell over a period of time, such as per day, per week, or per month. It does not mean the amount actually sold at one moment.

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Supply means the whole schedule of quantities offered at different prices. Quantity supplied means the specific amount offered at one particular price. Supply is the broader idea, while quantity suppl…

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Stock is the total quantity of a commodity that can be brought into the market for sale at short notice. It is a point-of-time concept and shows the maximum available quantity.

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Stock is the total quantity available at a point of time, while supply is the quantity a seller is ready to offer over a period of time at a given price. Supply is generally less than stock except in …