Supply refers to the quantity of a particular good or service that producers are willing and able to offer for sale in the market at a given price and during a specific period. It represents the relationship between the price of a product and the quantity that producers are willing to supply at that price.
Supply is influenced by various factors, including the cost of production, technological advancements, resource availability, producer expectations, government regulations, and market conditions. Typically, as the price of a product increases, producers have an incentive to supply more of it because they can earn higher profits. Conversely, as the price decreases, producers may reduce their supply because the potential for profit diminishes.
The relationship between price and quantity supplied is usually represented graphically on a supply curve, which slopes upward from left to right. This upward slope indicates that, in general, as prices rise, the quantity supplied also increases.
It's important to note that supply is distinct from "quantity supplied." While supply refers to the entire range of quantities that producers are willing to supply at different prices, quantity supplied refers to the specific amount of a product that producers are willing to supply at a given price point.