Question

Supply is defined as the

quantity of a good or service that producers are willing and able to produce or offer at a given price over a given time period.

willingness and ability to pay for a certain quantity of a good or service at a given set of prices over a given period of time.

amount a supplier might be willing to offer for sale if price were raised.

willingness and ability to buy a certain quantity of a good or service at a given set of prices over a given period of time.

physical ability to sell a certain quantity of a good or service at a given set of prices over a given period of time.

One reason why high prices are associated with a high quantity supplied is that

suppliers need to be compensated for higher production costs of higher output levels.

higher output levels lead to higher transportation costs.

consumers expect higher prices for greater quantities.

quality is higher as more goods are produced because of the learning curve so consumers are willing to pay more.

suppliers are reluctant to offer quantity discounts unless pressured to do so.

Market supply is the quantities that

sellers are neither willing nor able to sell at various prices over a specific time period good.

all sellers combined are willing and able to sell at various prices over a specific time period.

buyers are willing and able to sell at various prices over a specific time period.

sellers are willing and able to buy at various prices over a specific time period.

an individual seller is willing and able to sell at various prices over a specific time period.

Answer 1

Supply is defined as the quantity of a good or service that producers are willing and able to produce or offer at a given price over a given time period. (This is the definition for supply).

The main reason associated with why the high prices at higher quantity supplied because when there is higher quantity supplied then this will have more costs of production, therefore to compensate for these costs and earn profits , Suppliers charged higher price. Hence, Suppliers need to be compensated for higher production costs of higher output levels.

Market Supply is the quantities that all sellers combined are willing and able to sell at various prices over a specific time period. Because individual supply is for one seller but market supply is for all the sellers available in the market.