Supply refers to the amount of goods and services firms or producers are willing and able to sell in the market at a possible price.
It states that when the price of a commodity rises, the supply for it also increases.
The higher the price for the good or service the more it will be supplied in the market. The reason behind it is that more and more suppliers will be interested in supplying those good or service whose prices are rising.
Quizzes and worksheets on this website have been developed in Flash format. Flash is no more supported by browsers. Therefore, you might see blank pages on some instances. Install Flash player plugin for Chrome from Chrome Web Store. Click here
Similarly, for other web browsers you will have to activate the relevant flash player plugins.
Hi Everyone, I have launched a new YouTube channel with more than a 100 videos on Economics and Business Studies, tailored specifically for IGCSE and A Level and IBDP students.
Subscribe now and join us on this learning journey: @thinkIGCSE
We have 297 guests and no members online
