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Define the concept of supply...

July 28, 2011

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Supply is the total amount of a good or service that producers offer at a particular price at a given market during a certain period of time. Supply depends on the price. The supply of a good or service increases with the increase in its price. Therefore the supply function is described as an upward sloping curve.

Supply depends on the number of producers, on natural factors as well as on future expectations regarding price and may be influenced through taxes and subsidies.

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