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Magazine Chapter 3: Q.21 (page 78)
What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the supply curve for milk.
Short Answer
The difference between the supply and the quantity supplied of a product is
- Quantity supplied directs to exclusively a certain point on a supply curve or one quantity on a supply plan.
- Quantity supplied of a product, milk directs to a specific point on the supply curve of milk.
The graph with the supply curve of milk is
Step by step solution
Introduction
Supply is a connection between the range of prices and the quantity provided at those prices.
The supply of milk is the connection between the various prices of milk and the quantity supplied at those prices.
Quantity supplied directs to exclusively a certain point on a supply curve or one quantity on a supply plan.
Quantity supplied of a product, milk directs to a specific point on the supply curve of milk.
Graphical representation
The next graph illustrates the upward-sloping supply curve, conveying the quantity supplied of milk at various price levels.
As illustrated in the diagram, -axis means various levels of prices and axis means quantity provided at these prices.
The supply curve of milk indicates a favorable relationship between the different range of prices and the quantity supplied at these prices.
Point on supply curve represents quantity supplied.
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