In Economics, a "supply" refers to <u>the amount/quantity of goods that a seller/producer is willing to sell/produce.</u> It goes hand-in-hand with the word "demand," which refers to the <u>amount/quantity of goods that a buyer/purchaser is willing to buy/purchase.</u>
For example, a seller wishes to sell junk food in his convenience store because he hopes to profit from it. The quantity of junk foods he wishes to sell is called the "supply."
The price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy. Situation in which the quantity demanded is greater than the quantity supplied at quantity supplied. Situation in which quantity supplied is greater than quantity demanded at the current price.
Hearings. One of the standard activities that committees undertake with legislation is to hold a hearing on the proposed legislation. ... If a subcommittee holds a hearing on a bill, the full committee generally does not repeat the process.
