A market supply schedule shows the prices and the quantity of goods supplied in the entire market.
<h2>Further Explanation</h2><h3>Market supply</h3>
- Market supply is the quantity of goods or services that suppliers are willing to supply to the market at a particular price.
- Producers and suppliers will supply goods and services at the most favorable market price that is determined by the forces of demand and supply among other factors.
<h3>Market supply schedule </h3>
- A market supply schedule outlines the relationship between prices of goods and services and the Quantity of goods and services supplied by the producers or suppliers to the market.
- Quantity of goods and services supplied by the producers varies with the market price.
- The supply schedule helps us to come up with a law that we call the law of supply which defines the relationship between price and quantity of goods and services supplied.
<h3>Law of supply </h3>
- According to the law of supply, an increase in price of a good or a service results to an increase in the quantity of goods or services that suppliers are willing to supply.
- Conversely, a decrease in price on the other hand will result to low supply of quantity of goods and services by the suppliers.
Keywords: Supply, supply schedule, Quantity of goods supplied, price of goods.
<h3>Learn more about; </h3>
Level; High school
Subject: Business
Topic: Demand and supply
Sub-topic: Supply
Answer:
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