The document discusses the concept of supply, including individual and market supply, supply schedules and curves, and the law of supply. It states that supply refers to the quantity of a commodity offered for sale at different prices over time. Individual supply is by a single firm, while market supply is total supply by all firms of a commodity. Supply schedules and curves show the relationship between quantity supplied and price, with quantity increasing as price rises. The law of supply states that other factors held constant, quantity supplied increases with price.
The document discusses the concept of supply, including individual and market supply, supply schedules and curves, and the law of supply. It states that supply refers to the quantity of a co…