What Is Supply: Price and Supply Relation : What is Meaning of Supply Curve:
Supply: The total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices . Stock: A supply curve shows how much of a good suppliers are willing and able to supply at different prices. As with the demand curve, there's a supply curve for every good and service. And again the ideas are the same. so the supply curve for oil. We see an intuitive relationship between price and the quantity supplied. As the price goes up, the quantity of oil that companies are willing to supply increases. In this example, in a low price, $5 per barrel, let's say 10 million barrels of oil are supplied per day. At $20 per barrel, 25 million barrels are supplied, and at $55 per barrel, 50 million barrels are supplied. So in general, a higher price means a greater quantity supplied. Oil exists all over the world, but it's not equally easy to extract. In some pla...