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19 January, 09:25

Write a generalization about the relationship between price and the quantity supplied

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  1. 19 January, 09:55
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    see below

    Explanation:

    Supply is the term used by economists to describe the quantity that supplies are willing to sell to buyers at a given price or different prices. As per the law of supply, the higher the price, the more quantities firms will be willing to supply.

    The supply curve is a graphical illustration of the relationship between the price of a commodity, and the quantities firms are willing to supply at different prices. The supply curve is upward sloping. The X-axis of the graph indicates the quantities at different prices. This relationship can also be expressed in a tabular format known as the supply schedule.
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