What is the term for the quantities which producers are willing and able to sell per period of time at various prices?

What is the term for the quantities which producers are willing and able to sell per period of time at various prices?

Demand-a schedule or a curve showing the various amounts of a product consumers are willing and able to buy at each of a series of possible prices during a specified period of time. Quantity Demanded-the amount of a good that consumers choose to buy at a particular price.

Why do producers produce more when prices are high?

Producers supply more at a higher price because the higher selling price justifies the higher opportunity cost of each additional unit sold. The quantity demanded or supplied, found along the horizontal axis, is always measured in units of the good over a given time interval.

What happens to the supply of a product when it is selling at a low price?

The supplier will supply less at each quantity level. If production costs declined, the opposite would be true. Lower costs would result in an increase in output, shifting the supply curve outward (to the right) and the supplier will be willing sell a larger quantity at each price level.

How are elastic and inelastic supply different?

elastic supply means that change in quantity supplied is proportionately greater than change in price. Inelastic supply means that change in quantity supplied is proportionately less than change in price.

Which of the following terms refers to the different quantities of goods that consumers are willing and able to buy at different prices?

Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants—a consumer may be able to differentiate between a need and a want, but from an economist’s perspective, they are the same thing.

What quantity goods are produced?

The quantity in which a commodity is to be produced is set at that level where demand equals supply. If quality produced is more or less, then there will be dis equilibrium in the market and price will fluctuate. Hence, to maintain stable equilibrium price it becomes necessary to make demand and supply equal.

Why are suppliers able to increase the quantity supplied as the price increases?

With increase in Price, Suppliers will provide a higher Quantity. If the Price is set above the Equilibrium Price, then the Quantity Supplied will be higher than the Quantity Demanded and there will be a surplus which will drive the Price back to the Equilibrium Price.

How does supply of a product affect the price of goods?

It’s a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. If there is an increase in supply for goods and services while demand remains the same, prices tend to fall to a lower equilibrium price and a higher equilibrium quantity of goods and services.

What is supply and law of supply?

What is the Law of Supply? The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.

Why is supply elastic in the long run?

Over the long-run, supply becomes more elastic, because suppliers can take actions that take more time to increase the supply, such as building new factories, or growing more of a certain crop on farmland.

What happens when supply is elastic?

Price elasticity of supply measures the responsiveness to the supply of a good or service after a change in its market price. According to basic economic theory, the supply of a good will increase when its price rises. Elastic means the product is considered sensitive to price changes.

Which refers to the quantity of goods that consumers are willing and able to purchase at a given period of time?

Demand is simply the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period.