Question

Define “supply” for commodity

Answer 1

The amount of a commodity that sellers or producers are able and willing to provide for sale at a specific price for a specific length of time is referred to as the supply of that commodity.

To put it another way, we may say that supply is a relative concept. It is always used in the context of a relationship between price and time. A statement of supply that makes no mention of price or time makes little sense from an economic standpoint. Consider the following: "The supply of milk is 1,000 litres." In economic analysis, this statement has no relevance whatsoever.

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Answer 2

The supply of a commodity is the amount of the commodity which the sellers or producers are able and willing to offer for sale at a particular price, during a certain period of time.

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