What is supply?

Supply: Supply is expressed with reference of a particular price and a particular time period. At the different prices supply will be different. supply also varies with time and it is to be defined with reference to particular point of time.

Supply of a commodity refers to the quantity of a product which is seller willing and able to all at a given price per unit of time.

According to S.E Thomas, “A rise in price tends to increase supply and a fall in price tends in increase supply and a fall in price tends to reduce it.”