Question

What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the

supply curve for milk.

Short answer

1

Step-by-step solution

Step 1. Define supply.

The total amount of a certain commodity or service available to consumers is described by supply, which is a fundamental economic notion.

Step 2. Difference between the supply andthe quantity supplied of a product, say milk.

The relationship between different milk prices and the quantity supplied at those prices is known as supply of milk.

The quantity of a commodity delivered, in this case milk, refers to a specific point on the supply curve of a milk.

Step 3. Show the difference on a graph with the supply curve for milk.

The upward sloping supply curve, which represents the quantity of milk provided at various price levels, is depicted in the diagram below.

The $x-$axis denotes different price levels, while the $y-$axis shows the quantity given at these prices, as seen in the diagram.

The supply curve for milk shows a positive association between various price ranges and the quantity delivered at those prices.

Quantity supplied is represented by points $A,B,C$on the supply curve.